Cardano just attracted 69% of the top traders on Binance to the long side (betting on the rise), while the "new ADA" Midnight reached a valuation of $1.25 billion, turning the network's quiet December into a strong return signal, the most noisy in months.
Traders in the derivatives market for Cardano are strongly returning to the bullish side again, as top traders on Binance now account for 69% of long positions on the ADA coin, with the long-to-short ratio close to 2.23 — one of the highest readings since early December.
This accumulation occurs while the Midnight (NIGHT) project by Charles Hoskinson has become a billion-dollar asset in its own right this week, recording a valuation of $1.25 billion before facing some resistance.
The double momentum between ADA and NIGHT paints an unusual picture: ADA itself continues to trade near $0.36, down about 60% from its peak in October, but top traders seem to be preparing for a potential reversal rather than further weakness.
It is worth noting that the long positions ratio of 1.33 indicates that most long positions are not excessively leveraged, a dynamic that usually points to accumulation phases rather than speculative waves.
#### "The new ADA" dominates
The Midnight chart tells a similar story, as the "new ADA" token surged 39% in one week, reaching above $0.12 before settling near $0.076, with a daily trading volume exceeding $1.6 billion and a trading volume to market cap ratio of 127%, indicating crazy turnover.
Despite the pullback, the circulating supply of 16.6 billion NIGHT already supports valuations exceeding many absolute tier-one tokens in 2024.
If Binance's elite traders are correct, the current risk-reward area for ADA may resemble the setups at the beginning of cycles, where professional accounts accumulate during low volatility phases while fragmented sentiment shifts elsewhere — and if Midnight maintains its momentum, the link between the old and new ADA may prove more valuable than the price chart suggests.
