$ADA
🚨 Cardano ETF Odds Reach 63% 🚨
The other bullish factor driving a bullish momentum towards ADA price is the higher odds of a Cardano exchange-traded fund (ETF) approval. Data from the Polymarket shows there is currently a 63% chance that the SEC will approve this product this year, showing optimism in the Cardano community.
In the last one day, Cardano’s ETF approval bets are up from 56% to 63%, showing that more investors anticipate the product to launch soon.
So far, only Grayscale has a filing with the SEC for a spot Cardano ETF, and the commission acknowledged the product in February. It is important to note that Grayscale was instrumental in the approval of the first spot BTC ETF in the US.
Swiss-based asset manager 21Shares also offers an ADA ETP that has amassed more than $72M in assets under management. The product’s success highlights high institutional interest towards Cardano, which is bullish for ADA price.
With the higher odds of Cardano joining Bitcoin and Ethereum on Wall Street, it points towards a bullish ADA price outlook as investors anticipate the altcoin will continue to rally. Furthermore, the breakout from a descending triangle pattern indicates that a 75% rally is on the way, and this may fuel the upward trend.
