As of late November to early December, the trading price of Cardano (ADA) remained around $0.41, down over 85% from its peak in 2021. It closed at $0.42 on November 25, with a slight fluctuation in the range of $0.413 to $0.422 within 24 hours, rising about 1%. The spot trading volume exceeded $540 million, with an on-chain lock-up position valued at approximately $185 million, DEX trading volume around $1.8 million, and about 19,000 active addresses, indicating a stable user base but a lack of new demand.
The data for derivatives is significantly different. According to Coinglass, the 24-hour trading volume for ADA futures reached approximately $670 million, while the spot volume was only about $76 million, with open interest at around $735 million. The substantial gap between derivatives and spot reflects that the market is primarily driven by high-leverage short-term trading, with long-term buyers yet to make a significant entry.