Cardano Price Crumbles Amid Grayscale ETF Withdrawal

Cardano's (ADA) price has declined by 2.14% to $0.18704, underperforming a slightly negative broader market.

The downturn is primarily driven by Grayscale's withdrawal of its US SEC registration for a Cardano Trust ETF on August 7, stating it did not intend to proceed.

This move eliminated a key near-term institutional demand narrative and removed a potential catalyst for ADA's price increase.

On-chain data shows the number of wallets holding 1-10 million ADA fell from 2,370 to 2,340 over nine days, indicating large holders are taking profits.

The selling pressure contributed to ADA's failure to reclaim the key $0.20 resistance level, a psychological and technical ceiling.