ADA derivatives trading traders are highly bullish: long positions at 69%, new coin NIGHT becomes the focus.

[Coin World] The derivation market for Cardano is showing significant bullish signals. According to trading data, the long positions of ADA in leading accounts have reached as high as 69%, with the Long-Short Ratio even hitting 2.23, creating an extreme level not seen since early December last year.

Interestingly, the timing of this increase in Holdings coincides cleverly with the launch of the new token NIGHT by the founder. The market capitalization of NIGHT once soared to $1.25 billion, attracting a lot of trading attention. In terms of trading activity, the trading volume to market capitalization ratio of NIGHT is exceptionally high, enough to prove that this project is at the center of market discussions.

Although ADA itself is currently hovering around $0.36, having dropped 60% from its October high, this has instead sparked a reversal expectation among traders. From the extreme ratio of Long-Short Holdings, participants generally believe that the bottom is nearing. NIGHT's performance has been even more fierce - it surged 39% in just one week, further reinforcing the market's optimistic outlook.

The shift in sentiment regarding this derivation trading is worth noting, as it often reflects the true judgment of market participants on price trends in advance.