Grayscale Cuts Ties with Cardano as ADA Stalls at $0.20

Grayscale has withdrawn its registration for a standalone Cardano ETF, removing a potential institutional investment route for ADA. The withdrawal was not due to SEC rejection but part of a broader reassessment that also included Hedera and Polkadot ETFs.

The move comes as ADA remains near $0.194, struggling to close above the key $0.20 resistance level. Weakening buying pressure is indicated by capital flow metrics, with market demand yet to push ADA decisively higher.

Recent upgrades to Cardano's protocol development do not appear to be translating into price gains, with a confirmed close above $0.20 needed to strengthen recovery and target $0.22. Failure to break higher could see ADA retesting lower supports around $0.166 and $0.152.