Cardano Spot Flows Plummet 1917.11% Amid Market Woes

The Cardano cryptocurrency saw a significant drop in spot flows within hours as traders reacted to the ongoing decline in the market. The crypto market largely traded in the red on Friday, with most top 100 cryptocurrencies posting losses between 1% and 11%. In the last 24 hours, Cardano itself was down 4.60% to $0.166.

According to CoinGlass data, Cardano spot flows dropped by 1917.11% in four hours. During this time, $1.19 million was recorded as inflows while outflows amounted to $1.49 million, resulting in a negative net flow of $303,100.

The negative net flow suggests increased withdrawals from crypto exchanges rather than deposits, indicating a rise in buying activity at the time.