Cardano
ADA stalls below $0.20 as Grayscale withdraws Cardano ETF filing
Grayscale voluntarily ended its push for a standalone Cardano ETF, though the withdrawal was not an SEC rejection.
Cardano traded near $0.194 after Grayscale submitted a Form RW to the SEC on August 7 requesting withdrawal of its registration statement for a proposed Cardano exchange-traded fund. The firm said it no longer intended to proceed with the product, which had never become effective and involved no issued or sold securities.
The withdrawal removes one institutional route to direct ADA exposure at a moment when the token struggles to reclaim $0.20. Grayscale's decision was voluntary and the company provided no specific commercial or regulatory reason for it. The company simultaneously withdrew registration statements for proposed Hedera and Polkadot ETFs, suggesting the Cardano move formed part of a broader product reassessment rather than an isolated development.
Regulated CME ADA futures have now completed six months of trading, which could satisfy one condition relevant to the SEC's generic listing framework, though this does not automatically make ADA eligible for a spot ETF. Final data for August 7 showed only five ADA futures contracts traded, with open interest at 207 contracts, down from late July levels.
The $0.20 level has repeatedly restricted price advances in July and August. Technical indicators showed the Average Directional Index at 24.72, suggesting a meaningful trend may be forming, with positive directional flow outweighing negative momentum. The Chaikin Money Flow fell to −0.06, indicating recent selling pressure despite ADA trading near resistance. Volume Profile data placed the largest concentration of recent activity between $0.16 and $0.20.
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