ADA Drops 6.67% as SEC Delays Grayscale ETF Decision, Market Watches Institutional Moves

Cardano (ADA) is currently trading at $0.7120, down 6.67% over the past 24 hours with a 24h open of $0.7629, and maintains a market capitalization of approximately $35.68 billion and a circulating supply of 17.44 billion ADA. The decline in price over the last day contrasts with the previous week's positive momentum, which was driven by significant whale accumulation, large ADA withdrawals from exchanges, and anticipation around the SEC’s decision on the Grayscale Cardano Trust ETF. The recent price drop can be attributed to the SEC delaying its decision on the ETF to July 2025, which tempered market optimism and led to a short-term correction despite strong on-chain activity and ADA’s relisting on eToro. Overall, the market remains attentive to regulatory developments and institutional interest, which continue to drive trading volume and investor sentiment.