Grayscale Files for Cardano and Polkadot ETFs Amid Price Stabilization
Cardano's price dropped by 10% to stabilize around $0.82 following Grayscale's filing of registration statements for new ADA and Polkadot exchange-traded funds (ETFs) with the SEC. The proposed ADA ETF will trade on NYSE Arca under ticker GADA, tracking CoinDesk’s Cardano Price Index.
Key points include:
- Grayscale also filed for a Polkadot ETF, set to list on Nasdaq as DOT.
- Both ETFs are passive funds holding the underlying tokens in custody with Coinbase.
- Despite the ETF announcements, market sentiment remains weak; Bitcoin fell to $107,000, its lowest since July 2.
- Grayscale’s filings are updates of previous applications submitted in February 2025.
Technical analysis shows support for Cardano near $0.82. The 20-day moving average is at $0.87, marking initial resistance. A recovery above $0.82 could lead to a target of $0.90–$0.92. If it drops below $0.80, it may test $0.78, impacting rebound potential.
Grayscale's ETF initiatives reflect increasing institutional interest in altcoins like Cardano, contributing to demand for secure multi-chain storage solutions such as Best Wallet (BEST), which has raised over $15 million in presale.