$ADA Firmly shorting.

Founder Hoskinson is launching governance reviews for over ten thousand DAOs, because the core reason is that the research proposal worth 32.9 million ADA has been opposed by 87% of DReps, and Cardano’s most core academic development team is facing a funding crisis. Even the founder admits that this conflict could lead to a catastrophic exodus of core developers. The foundation of governance can no longer hold, so I directly go all-in with a short position of $450k!

1. Core developers face disbandment, and research funding is on the line. June 8th is the final voting day, and currently opposition votes are at 87%, with an almost impossible gap to reverse. If IOG’s core development team is disbanded due to lack of funding, Cardano’s decade-long academic reputation will be completely shattered, which is the last piece of shame supporting its $9 billion market cap.

2. The ecosystem has long been hollowed out, with only whales banding together to sell off. The real on-chain data is appalling: total locked-up assets on-chain are only $137 million, a 80% plunge from the 2024 high; 24-hour DEX trading volume is only $1.95 million; network transaction fees have fallen below $2,000. A public chain with a $9 billion market cap, but real on-chain trading volume is worse than a small meme coin. The longer this absurd divergence continues, the more destructive the collapse will be.

3. Capital has rapidly turned bearish, and technical decline is unstoppable. Past funding rates have been negative for several days in a row, and the long-short ratio has sharply fallen to the lowest level in nearly a month. The price has been under long-term pressure above $0.25, with trading volume remaining sluggish, and there is no decent support area down to $0.20.

Research funding cuts, on-chain stagnation, and short sellers crushing — these three forces are tightly squeezing ADA. I lock in a full short position of $450k, waiting for the June 8th voting window to close, so that the bulls trapped above $0.25 will be completely despairing!