Grayscale’s Cardano ETF Filing Sparks New Bullish Sentiment, Boosting ADA Price

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As Bitcoin (BTC) price retested a crucial resistance level above $98k, Cardano (ADA) price followed in tandem, akin to most of the altcoins. The large-cap altcoin, with a fully diluted valuation of about $35.7 billion and a 24-hour average trading volume of about $1.1 billion, pumped over 15 percent in the last 24 hours to trade about 79 cents on Tuesday, February 11, 2025, during the early European session.

After a heavy liquidation of the crypto-leveraged market in the past two weeks, bullish sentiment is gradually building up, led by layer one (L1) chains such as Toncoin (TON), Cardano, Solana (SOL), and Ethereum (ETH).

Cardano ETF on the Horizon

Grayscale Investment officially filed to launch a spot Cardano exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). The behemoth crypto fund manager filed with the SEC to offer institutional investors a chance to invest in shares that mirror ADA price action as they are backed by underlying assets.

The move to list Grayscale Cardano Trust is largely inspired by the change of U.S. leadership through President Donald Trump

Donald Trump

Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election

President

With more fund managers seeking to offer altcoins ETFs, the approval in the next 12 -24 months will significantly increase the liquidity flow to the altcoin industry ahead.

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Major Rebound for ADA Price Ahead

After being trapped in bearish sentiment in the past five weeks, Cardano’s price has signaled the onset of the much anticipated bullish outlook. According to crypto analyst Ali Martinez, ADA price must hold above the support level of 67 cents and 81 cents to invalidate further bearish sentiments.

A successful rebound from the support range above 81 cents will propel ADA price towards its all-time high above $3.