TLDR
- Cardano jumps to 3rd in Grayscale rankings with a 6.3% weekly gain.
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The SEC is expected to decide on Cardano’s ETF application by August.
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Recent staking clarifications boost optimism for the ADA ETF approval.
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Polymarket odds show 75% chance for the approval of the ADA ETF.
Cardano (ADA) has made a remarkable jump in Grayscale’s “Top 10 Crypto Assets by Weekly Returns,” moving from 9th place to 3rd. The surge came after ADA recorded a 6.3% gain between July 31 and August 7, 2025. This improvement follows a challenging week prior when Cardano faced an 8.1% drop, marking a clear turnaround.
Despite its weekly boost, ADA’s year-to-date performance has been slower, with only a 6.8% increase. This brings its market capitalization to $28.7 billion. The 6.3% gain signals growing interest and investor confidence, coinciding with the successful launch of Cardano’s Midnight privacy-focused protocol, which has attracted considerable attention from the community.
Cardano ETF Decision for Cardano Nears
As Cardano climbs in Grayscale’s rankings, all eyes are on the U.S. SEC’s impending decision on the proposed Cardano ETF. The SEC is expected to respond to Grayscale’s ADA ETF application before the end of August. There is growing optimism about the approval, especially after recent regulatory clarifications surrounding staking activities.
Analysts are hopeful that these clarifications could support the approval of Cardano’s ETF, with Polymarket data showing a 75% chance of success.
📸 Grayscale Crypto Snapshot – Assets
Our weekly snapshot of the top 10 #crypto assets by 1 week returns.–$XRP $XLM $ADA $DOGE #Ethereum $TRX $SOL #Bitcoin #BNB #HYPE pic.twitter.com/ixtQzA1zTU
— Grayscale (@Grayscale) August 8, 2025
The approval of the ADA ETF could significantly boost Cardano’s institutional exposure. It would enable larger financial institutions to invest in Cardano through an ETF, further solidifying its position as a prominent digital asset. However, some analysts caution that the SEC could still delay its decision, with a potential final verdict not expected until October 23.
Cardano’s Momentum Coincides with Positive Market Trends
Cardano’s recent performance in Grayscale’s rankings is reflective of broader positive trends in the cryptocurrency market. ADA’s rise follows a strong 45% price increase in the last month, contributing to the growing momentum.
Despite a 3.48% drop in price over the past 24 hours, Cardano’s performance remains more resilient compared to the broader market, which saw a 1.78% decline.
The strong market position of Cardano, alongside developments like the Midnight protocol and positive price movement, have made it an attractive option for investors. The growing focus on Ethereum alternatives in DeFi and Web3 innovation further contributes to the increasing value of Cardano, as it remains one of the top-performing cryptocurrencies.
Upcoming Audit and Potential Legal Action for Cardano
In addition to the ETF application, Cardano founder Charles Hoskinson is preparing to release an audit report later this month. The report will focus on Input Output Global’s (IOG) management of ADA tokens in 2021, following accusations of mismanagement earlier this year. Hoskinson has suggested that a defamation lawsuit may be considered after the report is made public.
This audit and potential legal action add another layer of interest to Cardano’s ongoing developments. As the network continues to evolve and attract institutional interest, the upcoming audit may provide further transparency and resolve any outstanding concerns.
With the ETF decision on the horizon, Cardano is positioning itself for a critical phase of growth. The resolution of legal matters, alongside the potential approval of the ADA ETF, could pave the way for broader adoption of Cardano in institutional markets.
