Cardano (ADA) has been stuck in the highly contested zone near $0.20 since suddenly soaring roughly 10% five days ago and, by Monday, might be at risk of crashing due to an August 7 Securities and Exchange Commission (SEC) filing.
Specifically, after 75 days of regulated futures trading on the Chicago Mercantile Exchange, ADA became eligible for a spot cryptocurrency exchange-traded fund (ETF) on August 9.
Overnight, however, an SEC filing showing that Grayscale has withdrawn its Cardano ETF application surfaced, removing a potentially powerful tailwind and possibly generating unexpected headwinds for the digital asset.
The impact of the development could prove particularly adverse as late last week, another highly anticipated external event was also postponed by at least a month: the Congressional vote on the CLARITY Act.
Still, by press time on Monday, August 10, Cardano offered no obvious reaction to the development. Indeed, ADA remains at $0.20 and is up 4.54% in the weekly chart.
Grayscale gives up on two additional spot crypto ETFs
Elsewhere, the Grayscale filing with the SEC showed it – at least for the time being – also gave up on two other spot cryptocurrency ETFs: Polkadot (DOT) and Hedera (HBAR).
Much like Cardano, neither DOT nor HBAR made any decisive moves following the revelation, and the former is up 0.69% on the weekly chart, and the latter is now a mere 0.06% within the same timeframe.
Why Cardano could still soar in August
Elsewhere, a renewed Cardano price downtrend is not guaranteed following Grayscale’s latest ETF decision. Specifically, multiple on-chain analysts recently claimed that they are seeing signs of weakening upward resistance and, indeed, of several digital assets preparing to soar.
The most recent of these claims was made by a popular blockchain expert, Ali Martinez, in a Sunday X post in which he explained that multiple bullish technical indicators recently flashed for Solana (SOL), creating a possibility for a surge to $100.
More broadly, Michaël van de Poppe opined earlier in August that the 2026 Bitcoin (BTC) ‘ghost town’ is bullish as it is providing investors an opportunity to accumulate while reducing selling pressure.
Overall, it is plausible that the mix of factors affecting the space and the sector’s major assets can translate into a broader bull market.
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