Cardano has seen its Funding Rates decrease sharply to -49%, the lowest in over a year, indicating increased demand for short positions amid bearish trends.
ADA’s price fell by 24%, trading at $0.67, and resulting in over $31 million of long positions liquidated, exacerbating the sell-off.
The Total Value Locked (TVL) on Cardano has dropped to $312 million, the lowest since November, indicating reduced DeFi activity and potentially fueling further downward momentum.
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