Cardano’s derivatives crowd is leaning heavily on the bullish side again, with Binance’s top-tier traders now 69% long on the ADA token and the long-short account ratio holding near 2.23 — one of the highest readings since early December.
The accumulation happens as Charles Hoskinson’s Midnight (NIGHT) became a billion-dollar asset in its own right this week, touching a $1.25 billion capitalization before finding some resistance.
The dual momentum between ADA and NIGHT paints an unusual picture: ADA itself continues to drift near $0.36, down almost 60% from October highs, yet top traders appear to be positioning for an eventual reversal rather than further weakness.
Source: BinanceIt is worth noting that the positional ratio of 1.33 suggests most long accounts are not overleveraged, a dynamic that typically signals accumulation phases rather than speculative bursts.
“New ADA” takes over
Midnight’s own chart tells a similar story as the “new ADA token exploded 39% in a week, peaking above $0.12 before settling back near $0.076, with over $1.6 billion in 24-hour turnover and a 127% volume-to-market-cap ratio indicating crazy rotation.
Despite the pullback, its circulating supply of 16.6 billion NIGHT already supports valuations that eclipse many established layer-1 tokens launched in 2024.
If Binance’s elite traders are right, the current risk-reward zone for ADA could mirror early cycle setups, where professional accounts accumulate through low-volatility phases while retail sentiment drifts elsewhere — and if Midnight maintains traction, that link between old and new ADAs might prove more valuable than the price chart displays.
Source: https://u.today/69-of-all-binance-top-traders-are-long-cardano-amid-125-billion-success-of-new-ada
