Grayscale Withdraws ADA, HBAR, DOT ETF Filings with SEC

Grayscale has withdrawn its proposed ETF filings for Cardano (ADA), Hedera (HBAR), and Polkadot (DOT) with the US Securities and Exchange Commission (SEC). The move came after similar withdrawals of other crypto ETF applications. Grayscale did not provide a specific reason for the decision, but it may be related to increased competition in the crypto ETF market.

The withdrawal does not affect existing investment products from Grayscale for these assets. ADA, HBAR, and DOT prices fell around 2% following the news, with ADA trading at $0.196, HBAR at $0.068, and DOT at $0.805. The move highlights the sensitivity of altcoins to changes in institutional access.

The withdrawals remove three proposed products from Grayscale's ETF pipeline but do not change the underlying fundamentals of Cardano, Hedera, or Polkadot. Traders will now focus on price support, derivatives activity, and broader crypto market sentiment for these assets.