Cardano Price Plunges 4.7% as Grayscale Drops ADA ETF

Cardano's price has fallen by 4.7% over the past 24 hours, trading near $0.1885 on August 11th. This decline comes as Grayscale withdrew its registration for a Cardano Trust ETF, stating it no longer intends to proceed with the planned distribution.

The withdrawal of the registration statement was made on August 7th, two days before CME's Cardano futures completed six months of trading. According to generic listing standards approved by the SEC in September 2025, a commodity-based ETP can list without a separate case-by-case Section 19(b) rule change if its underlying asset has had a futures contract trading for at least six months on a CFTC-regulated designated contract market.

Cardano's Van Rossem hard fork activated on July 18th, introducing Plutus and cryptographic improvements. Despite this development, the token's price remains below $0.20, with analyst Ali Charts citing three short-term warning signals: a death cross between Cardano's MVRV ratio and its seven-day simple moving average, a Tom DeMark Sequential sell signal on the daily chart, and a decline in wallets holding between 1 million and 10 million ADA.