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The cryptocurrency market has once again stirred up waves, with Cardano's native token ADA recently showing an astonishing rise. There are several key factors behind this surge worth following:
First, Bloomberg reported that the U.S. Securities and Exchange Commission may approve an ADA spot ETF, a news that has sparked a strong reaction in the market. Although this rumor has not been officially confirmed, it is enough to stimulate market sentiment.
Secondly, the South Korean market has shown an unusual enthusiasm for ADA. According to statistics, the trading volume of ADA on the Upbit exchange accounts for 60% of the global total, with the KRW trading pair even showing a premium of over 5%. This phenomenon reflects that South Korean retail investors may be experiencing a round of FOMO (fear of missing out) driven buying behavior.
Additionally, this round of rapid rise has triggered a large-scale short covering. It is reported that approximately $360 million in short positions were forced to cover, which further intensified the rising momentum of ADA.
However, we must also be vigilant about potential risks. If there is no official confirmation of the ETF rumors within a week, ADA is likely to experience a sharp correction. It is worth noting that this rise has mainly been driven by retail investors in South Korea, while mainstream funds in Europe and America do not seem to have invested on a large scale. Meanwhile, the total value locked (TVL) in the Cardano ecosystem has actually decreased by about 15%, indicating that real application scenarios may not have kept pace with the price increase.
For investors, it is crucial to closely follow two key indicators: first, the official announcements regarding ETFs on the SEC's official website; second, the premium situation on the Upbit exchange, as the disappearance of the premium may indicate that Korean funds are starting to withdraw.
In the face of such drastic market fluctuations, it is crucial to maintain rationality and calmness. For investors who already hold ADA, if the price drops below $0.8 (the lowest point in the past three days), they should consider timely stop-loss measures to control risks.