Cardano derivatives traders are showing strong bullish sentiment, with Binance's top accounts holding long positions in ADA at as high as 69%, and the long-to-short ratio nearing 2.23, the lowest level since early December last year. This increase in holdings coincides with the new token Midnight (NIGHT) associated with founder Charles Hoskinson, which briefly reached a market capitalization of $1.25 billion. Although ADA is currently trading around $0.36, down 60% from its October peak, the positions of traders indicate they expect a price reversal. NIGHT itself has also seen a 39% weekly increase, and its high trading volume market cap ratio indicates exceptionally active trading.