Cardano Rises 7% As Top Traders Bet Against Rally

Cardano (ADA) rose about 7% on July 21 and is up roughly 9% over the past month, but positioning suggests the move may be stretched. According to BeInCrypto, top traders on ADA sit near a 0.93 long/short ratio, while all accounts are at 2.08, showing whales and smart money leaning short as retail stays long. ADA futures open interest is near $1.11 billion across 94 perpetual markets, and the funding rate is about 0.01%, signaling crowded longs. Cardano also activated its Van Rossem hard fork on July 18, but network activity fell to a 45-day low and TVL has dropped to about $69 million.