Cardano saw a significant 37,655% activity surge on the futures market as traders positioned ahead of one of the most consequential Federal Reserve decisions of the year.
The Fed policy decision is awaited today, Dec. 10. Investors will look for clues as to the Fed’s policy path at today’s Fed meeting, as well as the tone of Chair Jerome Powell’s final press conference of 2025.
Ahead of this macro signal, the broader crypto market is trading higher, with most coins in the green.
Cardano outperformed the rest of the top 10 cryptocurrencies, with an 11% jump on the day. The coin is up nearly 7% for the week, with Ethereum only ahead with a 9.06% gain.
Amid the price surge, Cardano has increased 37,655% in futures volume on the Bitmex crypto exchange to surpass $105.65 million traded in the last 24 hours.
Cardano’s open interest (OI), which refers to the total number of outstanding futures or options contracts on the market, has risen in tandem.
According to CoinGlass data, Cardano’s OI has risen 10.93% to $813.70 million, indicating that the recent price surge was supported by leverage buying.
Cardano boosted by network developments
Cardano has steadily risen since Dec. 7, as expectations of positive developments in its ecosystem grew. Tuesday’s surge was the largest, with Cardano increasing from $0.423 to $0.489.
A 70 million ADA treasury withdrawal has been approved by the Cardano community to fund infrastructure integrations, marking a historic coordinated effort for the network. The budget proposal gained over 71% support in a governance vote, marking the fastest approval since Cardano’s governance began.
NIGHT, the network’s native token, officially launched as a Cardano Native Asset (CNA) on Dec. 4, with plans now to transition the Midnight network into a fully decentralized mainnet.
Source: https://u.today/37655-jump-in-cardano-activity-as-open-interest-rises-whats-next
