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Traders betting on higher prices of Cardano (ADA) are under increased pressure as a wider sell-off in the cryptocurrency market is leading to liquidations that are heavily skewed toward longs.
Cardano (ADA) extended its drop early Thursday following a hotter-than-expected CPI report, with the continued price decline taking a toll on bulls, who suffered the brunt of liquidations.
According to CoinGlass data, Cardano saw a total of $4.27 million in liquidations, with longs accounting for almost all of this figure at $4.2 million while shorts came in at $73,080. The imbalance between long and short liquidations yields 5,747%, highlighting the extent to which bullish leveraged traders have been affected by the latest market decline.
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At the time of writing, ADA was down 1.33% in the last 24 hours to $0.224, after reaching a low of $0.216.
Market hit by significant selloff
The broader crypto market saw significant selling pressure as Wednesday's inflation data ignited concerns that the Federal Reserve could raise interest rates this month.
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Data released Wednesday showed consumer prices rose 3.7% in the 12 months through September, up from 3.4% in August and above economists' expectations. Core CPI climbed 2.6%, accelerating from 2.4% the previous month.
Losses worsened on Thursday, with $913 million in futures positions liquidated over the past 24 hours, according to Coinglass data. The majority of these were longs, or traders expecting the price to rise.
Cardano Leios testnet enters next phase
The Musashi Dojo, a public Cardano testnet for Ouroboros Leios, has moved to its next phase. Running from late June 2026 through the mainnet hard fork, Musashi Dojo hosts successive node releases, from early prototypes to release candidates.
According to a recent announcement by Input Output, the Musashi Dojo has entered its Fire phase, the third among the five stages of the testnet, intending to raise the load step by step, testing the protocol and hardening the code to production grade at each level.
The Musashi Dojo testnet moves through five stages, Earth, Water, Fire, Wind, and Void, each named after a book in Musashi's 1645 treatise, the Book of Five Rings.
Following the mainnet launch of Leios, Cardano will support an initial 5 to 20 times increase in throughput capacity.