Cardano (ADA) has experienced a significant price drop over the past 24 hours, even though the US Securities and Exchange Commission (SEC) acknowledged Grayscale's filing for a spot ETF.
Cardano Price Decline
Over the past 24 hours, Cardano (ADA) has sharply dropped by nearly 10%, trading at $0.6862. This price crash occurred despite the recent recognition by the US Securities and Exchange Commission (SEC) of Grayscale's application for a spot ETF.
Grayscale's ETF Filing
Grayscale's proposal, submitted on February 10, 2025, and officially noted by the SEC on February 24, 2025, is intended to offer investors regulated exposure to ADA. If approved, shares of the Grayscale Cardano Trust will track ADA’s price, allowing investors to gain access without directly holding the asset.
Market Reaction
Despite the price drop, the market has responded positively to the news, with betting odds of approval rising to 64% on Polymarket. This reflects the overall optimistic sentiment among market participants regarding the possibility of a Cardano ETF.
Despite current price fluctuations, the approval of Grayscale's ETF application suggests potential future changes in Cardano's market perception and value.
