Cardano (ADA)’s price dramatically jumped after asset management firm Grayscale filed for a spot ADA ETF in the United States . The move underscores rising institutional demand for digital assets, with analysts backing more adoption. Cardano has attracted developers and users recently but has been swarmed by the general poor market sentiment. Down 36% from its Dec 2024 high, bulls turn to recent developments to fuel a comeback. ADA Price Notches Major Uptick Hours after the spot ADA ETF application, Cardano’s price jumped 11%, a step higher than that of Bitcoin and Ethereum. This spike attracted larger trading activity-based bulls set sight above $1. The crypto downtrend soon clouded ADA price movements, but initial sparks changed the direction and saw whale numbers. Trader Ali Martinez wrote on X that the asset is on a breakout and moving toward $0.83 if positive sentiments remain. Similarly, large holders increased ADA purchases, backing a long-term recovery. The frenzy recorded by the community is due to the success of Bitcoin ETFs in the United States. These funds attract large players of crypto assets, maximizing the new investment window. Citing BTC price surge to multiple all-time highs, ADA bulls set sights on a price run to new levels not recorded in years. Digital asset enthusiast Lord Crypto wrote; “ The list of ETF applications keeps getting longer, now @Cardano / $ADA is on that list. Depending on who you ask, this is either a chain that’s ahead of its time or it’s one that nobody wants to build on. But here’s what I think. The fact that GrayScale thought them worthy of a spot ETF means that they see something bullish with $ADA.” CME Listing Dampens ETF Hopes While Grayscale’s application ignited positive reactions, the fund’s chances of approval might not be as high as expected. Many analysts flagged the fact fact that the CME hasn’t listed ADA futures which quelled fears of price manipulation in previous products. This argument was used to push towards spot BTC and ETH ETFs . However, a cross-section of policy watchers fancy the prospect of a faster approval as the US regulatory landscape turns pro-crypto in line with President Trump’s plan. The country has launched a crypto task force to help clear industry rules that will drive innovation in the space. This marks a shift from the previous administration’s “war” on digital assets.
