Bitcoin drops nearly $3,000 as risk-off mood dominates
Bitcoin fell nearly $3,000 to trade near $81,000 as risk-off sentiment pulled equity markets lower.
A longtime Cardano advocate has exited a governance role, citing Sui’s technology and adoption, becoming the second notable voice to shift this year.
A veteran Cardano supporter has resigned from a governance position, pointing to Sui’s technology and uptake. Writing on X, he argued that the Cardano Foundation and others “have not kept up.”
He is the second prominent Cardano figure this year to gravitate to Sui.
#Cardano fam, this is a tough post to put out there but in the faith of transparency and integrity a must.
I have loved my time in the Cardano community and remain a believer but I have decided in my personal best interests to step away.
I still hold $ADA but it is no longer my…— Chris O 🌎 Crypto Pundit (@TheOCcryptobro) October 22, 2026
He described the message as “tough” and said it was needed “in the faith of transparency and integrity.” He continues to own ADA and still identifies as a believer, though ADA has slipped from being his biggest holding.
“Things move fast and frankly @Cardano_CF and others have not kept up.”
Next, he weighed the two networks side by side. Sui’s technology and adoption represent “a candid contrast” to Cardano, in his estimation. “It’s not even close,” he added.
He is therefore resigning as a DRep, a delegated representative who votes on governance proposals for ADA holders. He has also asked people who delegated to him to shift their voting power elsewhere, as ADA delegated to him will no longer count in governance votes.
Cardano founder Charles Hoskinson responded to the post, writing: “Thanks for your time here, and it was great to get to know you also.”
That post comes after Dan Gambardello, a well-known Cardano analyst and YouTuber, made a similar move. During June, he shifted some of his holdings out of Cardano and into Sui. Around then, he cautioned that support for the Cardano community was deeply lacking.
Both changes took place in a tough stretch for Cardano. In June, ADA slipped below $0.20 for the first time since 2021. At the same time, ecosystem projects like TapTools and Hosky wound down operations.
SUI has traded slightly higher over the past six months, while ADA has given up ground. On a 12-month basis, however, the two tokens have both fallen sharply.
The comparison with Sui also arrives at a delicate time for the Cardano Foundation. In June, a 7.8 million ADA treasury proposal was voted down by the community, resulting in the cancellation of the Cardano Summit in Singapore. Giorgio Zinetti, the Foundation’s CTO, departed the organization at the end of August as well.
Even so, a few high-profile exits do not amount to evidence of a wider exodus. For the moment, the tilt toward Sui reflects discontent among some longtime Cardano backers, not a measurable movement of developers or money. Hoskinson, for his part, maintains that Cardano’s best days are still ahead. Whether the network wins back its critics could depend on initiatives such as the planned Leios scaling upgrade.
Share to
Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
Bitcoin fell nearly $3,000 to trade near $81,000 as risk-off sentiment pulled equity markets lower.
Chinese authorities seek to confiscate 62,000 bitcoins worth $5 billion from a fraudster who fled to the UK, following a UK High Court ruling that Chinese law…
Utexo has opened early access to its Mint platform for USDT on Bitcoin, with a public launch set for November 28. Professional operators can now test and…
Bitcoin fell nearly 4% to as low as $81,331 on Thursday as oil prices above $110 revived expectations of Federal Reserve rate hikes.