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Cardano delivered a less-than-festive gift to investors this Christmas, with price action painting a grim picture as the token remains deep in the red. Summary Charles Hoskinson is pushing back against claims that he abandoned the ADA token, which is down 58% year-to-date. The technical picture remains bearish as ADA is trapped in a downtrend, struggling to reclaim $0.36. So far, December losses are about 15%, and Coinglass data shows a year-long pattern of capital exiting ADA. Founder Charles Hoskinson found himself fending off accusations on X after wishing followers a Merry Christmas on Dec. 25. In his post, Hoskinson described 2025 as a “long, hard year,” urged the community not to let the “fire go out,” and promised that “next year will be better”—a message that landed awkwardly with ADA down 58% year-to-date. It’s been a long, hard year—but don’t let the fire go out. There’s a lot to look forward to in 2026. Merry Christmas, and much love to all our friends and family. Next year will be better. pic.twitter.com/LAbJVkjAgs— Charles Hoskinson (@IOHK_Charles) December 25, 2025 It didn’t take long for the holiday cheer to evaporate. One X user accused Hoskinson of selling ADA near the $3 peak and now refusing to buy back at current levels around $0.30–$0.36. The critic questioned how investors could maintain faith in the project if its founder won’t step in at depressed prices. Hoskinson responded swiftly, flatly denying that he ever sold ADA at $3. Repeating the claim, he said, doesn’t make it true. He brushed off the accusations as misinformation amplified by bots, dismissing the narrative entirely. Technical analysis The timing of the spat is notable. ADA has shed 58% so far this year, including a 15% drop in December alone. Technically, the chart hasn’t been kind. See below. Source: CoinGecko Bulls are attempting to hold the line, but follow-through has been weak, with ADA failing to reclaim $0.36 on rallies. The critical zone to watch remains $0.3380–$0.34. A breakdown there could open the door to accelerated selling toward $0.30–$0.32, where historical support is thin. On the upside, resistance waits at $0.3750–$0.38, followed by heavier supply around $0.40–$0.41. Cardano reinforces year-long trend of steady selling pressure According to data from DefiLlama, the total value locked across all DeFi protocols built on the blockchain dropped to $215.5 million from its August high of $544 million. Declining TVL hints at lower user participation and could point to investors losing confidence in the network’s growth potential. The total market cap of stablecoins on the blockchain has also dropped, from a November high of $40.48 million to $37.68 million at press time. Leveraged traders have also seemed to have lost interest in the token. Data from CoinGlass shows that ADA Futures open interest has dropped from $1.72 billion observed in October to $651 million when writing. Together, these deteriorating metrics have kept investors cautious and sentiment fragile, which has weighed heavily on price performance.

Key Takeaways Galaxy Digital CEO Mike Novogratz emphasizes the need for XRP and Cardano to demonstrate real utility to sustain their valuations. He believes crypto is moving from narrative-driven tokens to business-driven tokens. Share this article Galaxy Digital CEO Mike Novogratz said that tokens such as XRP and Cardano (ADA), which rely heavily on community loyalty, must prove real-world utility or risk lagging stronger-performing rivals in future market cycles. He made the comments in a recent discussion with Alex Thorn, Head of Firmwide Research at Galaxy Digital, about 2026 outlooks for Bitcoin, crypto, tokenization, real-world assets, and artificial intelligence. Novogratz believes that the crypto market is moving away from tokens built on hype to those with real business fundamentals. With more choices available each cycle, keeping a community engaged is harder. Tokens that survive only because of loyal communities may lose out to those with profits and measurable value. He said that the likely winners are business-driven tokens, blockchains that truly become platforms people build on, and Bitcoin. “Because the moment you’re not money, Bitcoin is money, then you’re just a business. The valuations are a lot lower,” he noted. “Can Ripple hold it together? Can Cardano hold it together?” Novogratz asked during the conversation. “Who became money and who were businesses that are going to now be valued at, well, how much do you make me?” “Charles Hoskinson, bless his soul, he’s kept the Cardano community with a blockchain that people don’t really use a lot,” Novogratz said. “He’s had a strong community just like XRP. Can you keep it together when there are more and more options?” Novogratz pointed to Hyperliquid as an example of a token with clear value. The exchange burns 98% of its profits by buying back and destroying tokens, creating what he described as an equity-like investment. “I think that’s the future of tokens,” he said. “You’re going to see good tokens trade well, just like good real-world assets.” The Galaxy CEO predicted a one-to-three-year transformation period for the crypto industry, with crypto wallets and exchanges evolving into neobanks offering stablecoins, tokenized equities, and money market products.

Cardano is still in a strong downtrend, down about 73% from its December high, but signs of a potential rebound are emerging. The price is deeply oversold (RSI ~27), nearing a major support at $0.3056, and DeFi metrics are improving following the Midnight token launch. If momentum turns, $ADA could target around $0.52, implying a ~40% upside. However, the bullish outlook is invalidated if price breaks below $0.3056.

Midnight advances privacy design while preparing Cardano systems for regulated use ahead. NIGHT trading surged quickly, showing liquidity interest around the Midnight network. Hoskinson links Midnight development to long-term blockchain utility beyond speculation. Charles Hoskinson has placed Midnight at the center of Cardano’s long-term strategy as development work accelerates behind closed doors. In recent public remarks, the Cardano founder described a period of intense technical preparation tied to internal workshops scheduled for January. The effort, he said, reflects a system being built for future institutional demands rather than immediate market cycles. His comments came as the Midnight token, NIGHT, recorded sharp early activity that drew attention across the Cardano ecosystem. Hoskinson described his workload in practical terms. He said he has been writing between 80 and 100 pages of technical documentation each day in preparation for internal sessions. He also referred to Midnight as a large-scale initiative focused on privacy-enhancing technology, chain abstraction, and smart compliance. Hoskinson added that the broader industry remains years away from being ready for what the system is designed to support. Writing between 80-100 pages a day of technical documents for Midnight, getting ready for internal January workshops. Coffee, Remixed Eurodance, and some serious effort. Midnight is going to be the Manhattan Project of PET, Chain Abstraction, and Smart Compliance. 2026's body…— Charles Hoskinson (@IOHK_Charles) December 25, 2025 The tone of those remarks points away from speculation. Instead, they reflect an engineering phase driven by structure and depth. Hoskinson has long argued that blockchain growth depends less on speed and more on building systems that function under real economic and regulatory conditions. Midnight’s Design and Purpose Midnight is structured as a programmable privacy layer designed to operate alongside public blockchains. Rather than replacing existing networks, it adds functionality that allows sensitive data to remain private while still supporting verification when required. Public blockchains expose all transaction data by default. That transparency creates limits for regulated sectors. Midnight addresses this gap by combining zero-knowledge techniques with smart contracts that reveal information only under defined conditions tied to compliance or legal logic. Hoskinson has repeatedly drawn a line between Midnight and earlier privacy-focused networks. The goal is not blanket anonymity. The system is built to support privacy with accountability. This approach fits use cases such as finance, healthcare, and identity, where confidentiality must exist alongside oversight. NIGHT Token Trading and Market Reaction The Midnight token entered the market with immediate force. Its market capitalization rose by approximately $2 billion within days of launch. That pace sparked debate within the Cardano community, especially among ADA holders watching liquidity flows. Trading volume added to the tension. NIGHT recorded roughly 1.8 billion dollars in volume during the observation period, exceeding ADA’s volume at the same time. For some participants, the imbalance raised questions about short-term rotation rather than structural change. NIGHT’s lower market capitalization compared with ADA allowed faster movement with less resistance. Liquidity flowed toward the new token as interest around Midnight’s narrative grew. ADA’s longer market history and larger valuation created a different trading dynamic. Related: Hoskinson Says Quantum Security Is Ready, Chains Are Early Privacy and the Push Toward Regulated Finance Hoskinson has connected Midnight’s role to the changes happening in the financial infrastructure. He stated that the legacy finance initiatives are based on the Canton platform, pointing to them as the opposite of what XRP and Midnight are already trying to achieve in their respective areas. He seems to imply that Web3’s strength is in the native design rather than in adapting outdated frameworks. Midnight’s concentration is in accordance with the growing interest in the tokenization of real-world assets. Financial products that are linked to securities, private contracts, and credentials would need regulated, limited access to the data. Fully transparent chains struggle with those demands. That raises a central question for the market. Can programmable privacy become the layer that allows regulated finance to operate on blockchain networks without losing compliance or trust? Disclaimer: The information provided by CryptoTale is for educational and informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a professional before making any investment decisions. CryptoTale is not liable for any financial losses resulting from the use of the content. Tags Cardano (ADA) News Charles Hoskinson News XRP (XRP) News