ADA Token Volatility Surges as Grayscale Spot ETF Filing Sparks 15% Rally, High Trading Volumes

Cardano (ADAUSDT) has experienced notable volatility in the past 24 hours, with the price currently at $0.8107 on Binance, reflecting a 5.59% decline from the previous day's open of $0.8587. The recent price movements are primarily attributed to heightened speculation around a potential spot Cardano ETF, following reports of Grayscale filing for such a product with the NYSE, which initially drove ADA to rally over 15% and boosted trading volumes significantly. However, after this surge, the price has retraced, likely due to profit-taking and resistance at higher levels, as well as broader market volatility.

Trading volume remains elevated, ranging from $2.38 billion to $3.25 billion, and open interest in Cardano futures has increased by 16% to $1.65 billion, indicating sustained trader engagement. Cardano’s market capitalization is approximately $29.62 billion to $30.38 billion, with a circulating supply of about 35.40 billion ADA. The asset continues to see strong ecosystem growth, increased DeFi activity, and institutional inflows, but short-term price action remains highly sensitive to regulatory developments and ETF-related news.