Cardano witnessed a massive 37,655% trading surge in the futures market as traders positioned ahead of one of the most important Federal Reserve decisions of the year.
The Fed’s policy decision is awaited today, December 10th. Investors will be watching for clues about the Fed’s policy direction at today’s Fed meeting, as well as the tone of Powell’s last press conference of 2025.
Ahead of this macro signal, the broader crypto market is up, with most coins in the green.
Cardano outperformed the rest of the top 10 cryptocurrencies, gaining 11% on the day. The coin is up nearly 7% for the week, with Ethereum being the only one ahead with a 9.06% gain.
Amid the price surge, Cardano saw a 37,655% increase in futures trading volume on the BitMEX cryptocurrency exchange, with trading value exceeding $105.65 million in the past 24 hours.
Cardano’s open interest (OI), which refers to the total number of outstanding futures or options contracts on the market, also rose in tandem.
According to CoinGlass data, Cardano’s OI rose 10.93% to $813.7 million, indicating that the recent price rally is supported by leveraged buying.
Cardano accelerates due to network development
Cardano has been steadily rising since December 7th amid growing expectations for positive developments in its ecosystem. The biggest increase was on Tuesday, when Cardano rose from $0.423 to $0.489.
A withdrawal of 70 million ADA treasury funds was approved by the Cardano community to fund infrastructure consolidation, marking a historic collaborative effort for the network. The budget received over 71% support in the governance vote, making it the fastest approval since Cardano governance began.
NIGHT, the network’s native token, was officially launched as a Cardano Native Asset (CNA) on December 4th, and there are now plans to migrate the Midnight network to a fully decentralized mainnet.
