Grayscale’s Cardano ETF Filing Sparks New Bullish Sentiment, Boosting ADA Price

As Bitcoin (BTC) tested a key resistance level above $98,000, Cardano (ADA) wasn’t far behind, surging in tandem with the broader altcoin market. The large-cap altcoin, valued at around $35.7 billion in fully diluted terms, saw a sharp 15% jump in just 24 hours. With a daily trading volume of about $1.1 billion, ADA was trading near $0.79 on Tuesday, February 11, 2025, during the early European session.

The crypto market is recovering after two weeks of heavy liquidations in leveraged trading. Sentiment is improving, with Layer 1 (L1) blockchains like Toncoin (TON), Cardano (ADA), Solana (SOL), and Ethereum (ETH) leading the rebound.

Let’s dig deep.

Grayscale Files for a Spot Cardano ETF

Adding to the momentum, Grayscale Investments has officially filed for a spot Cardano exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). The asset manager submitted its application to the U.S. Securities and Exchange Commission (SEC) to offer institutional investors exposure to ADA through shares backed by actual holdings.

The move to list the Grayscale Cardano Trust is likely influenced by the shift in U.S. leadership under President Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President . With more fund managers exploring altcoin ETFs, approvals in the next 12 to 24 months could bring significant liquidity into the altcoin market.

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What Next for Cardano?

After five weeks of bearish pressure, Cardano’s price is showing signs of a strong recovery. According to crypto analyst Ali Martinez, ADA must hold support between $0.67 and $0.81 to avoid further downside.

A successful rebound from the $0.81 level could push Cardano toward its all-time high above $3, marking a major breakout for the network and its investors.

The crypto market never stays quiet for long, and ADA’s latest rally is proof that the bulls are still in the game.