Cardano ADA exited the top 10 list of crypto assets by market cap, ceding the position to Bitcoin Cash (BCH). It was down 3.8% in 24 hours and 10.7% in a week, and these losses could accelerate as Bitcoin (BTC) slid back below the $70,000 mark at the time of writing. AMBCrypto reported that Cardano was making multi-year lows by threatening to fall below $0.25. The holder conviction was being severely tested.
In 2023, 80% of Cardano’s total Open Interest was concentrated in Binance. It was only 22% in 2026. Cardano Supply Distribution showed that only small holders with fewer than 100 ADA were accumulating. Most other groups have been selling since November, as reflected in the declining number of addresses in those ranges.
The only exception was the 1M-10M ADA cohort. This whale activity signaled weak conviction among larger holders. In late 2024, whales were accumulating, which coincided with ADA’s rally from $0.36 to $1.23. The weak market-wide sentiment, combined with smart money distribution and a fragmented Open Interest share away from Binance, underlined the trifecta of bearish factors that would likely see Cardano fall lower down the list of top crypto assets in 2026.
The Cardano Open Interest fragmentation away from Binance followed a worrying pattern for ADA bulls. The whale distribution and Bitcoin weakness cemented the long-term bearish case for the altcoin. Grayscale continued to add ADA to its smart contract fund.
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