Analyst Sssebi warns investors about the potential negative consequences of selling Cardano (ADA) in the near future. He claims that upcoming events over the next three months could significantly alter ADA's price dynamics.
Grayscale ETF Approval Includes Cardano
The U.S. Securities and Exchange Commission has approved the conversion of the Grayscale fund into a cryptocurrency ETF, which includes Cardano. This milestone allows investors to gain exposure to a multi-token ETF on the U.S. stock market, encompassing not only Bitcoin and Ethereum but also other crucial cryptocurrencies like Cardano. Such approval could lead to an increase in interest from institutional investors, potentially driving up the price of ADA.
High Chances of ADA ETF Approval
Sssebi pointed out that the likelihood of an ETF dedicated solely to ADA has significantly risen to 74%. This promising development is linked to ADA’s inclusion in the Grayscale multi-asset ETF, indicating that regulators are becoming more receptive to considering assets beyond BTC and ETH. If a standalone ADA ETF is approved, it could dramatically enhance institutional interest in this cryptocurrency.
Midnight Airdrop for ADA Holders
Furthermore, a Midnight airdrop will take place this month, distributing a total of 24 billion NIGHT tokens. ADA holders will receive 50% of the total token distribution, creating an additional incentive to retain their ADA investments. The claiming period for these tokens is already open and will last until August. This development may also contribute to holding ADA in investors' portfolios.
In conclusion, Sssebi advises investors against rushing to sell ADA, as these upcoming events may greatly impact the cryptocurrency's value and prospects in the forthcoming months.
