Open interest indicated the total number of futures or options contracts on the market, often a measure of the amount of money invested in derivatives at any given time.
Cryptocurrencies fell after a key crypto market structure bill stalled in the U.S. Senate, further cooling sentiment after a recent rally.
More than $240 million were liquidated across the crypto markets over the past day, according to CoinGlass, with long positions accounting for about $180 million of this figure.
Next major move awaited
At press time, Cardano was down 3.86% in the last 24 hours to $0.39 and down 0.31%.
As the market pauses to assess the next move, analysts spot a pattern on the Cardano charts that might yield a 32% price increase if validated.
According to Ali Charts, Cardano could be forming a cup-and-handle. The analyst highlighted this pattern might be forming on the four-hour chart, adding that a break above $0.423 could open the door to $0.517.
Key date emerges for Cardano
CME Group is set to introduce futures contracts for major cryptocurrencies, including Cardano, reflecting increased demand for regulated altcoin risk-management tools.
The new futures contracts0 which are in micro and standard sizes, are set to launch on Feb. 9, pending regulatory approval.
In separate news, ProShares has filed for a Cardano futures ETF following Cyber Hornet's S-1 filing this week for a Crypto 10 ETF, which would provide exposure to major cryptocurrencies, including Cardano.
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