Cardano’s weekly gain of 6.3% lifted it to third in Grayscale’s performance rankings, reversing its previous week’s decline.
SEC review of the proposed ADA ETF could conclude by late August, with approval odds currently estimated at 75%.
Launch of Cardano’s privacy protocol Midnight contributed to renewed momentum and heightened institutional interest in ADA.
Cardano secured a stronger market standing this week, moving to third place in Grayscale’s latest “Top 10 Crypto Assets by Weekly Returns” update. The cryptocurrency recorded a 6.3% gain between July 31 and August 7, 2025. This marks a notable improvement from the previous week, when ADA’s performance placed it near the bottom of the rankings.
XRP led the list with a 9.7% gain, while Stellar followed with slightly lower growth. Dogecoin, Ethereum, Tron, and Solana also posted weekly gains ranging from 4.2 to 6.1%. Bitcoin ranked lower with a modest 1.5 percent rise, and BNB, along with Hyperliquid, completed the top performers’ list.
Midnight Protocol Drives Attention
Cardano’s momentum coincided with the recent launch of Midnight, a privacy-focused protocol built on its network. The development has drawn increased community interest and sparked discussions on its potential use cases. The project’s progress is seen as a contributing factor to ADA’s recent performance improvement.
Investor focus has turned toward the U.S. Securities and Exchange Commission’s upcoming decision on Grayscale’s application for an ADA exchange-traded fund. Market analysts suggest a verdict could be issued before the end of August. Data from Polymarket shows a 75% probability of approval, although the SEC retains the option to delay its response until late October.
Regulatory Climate and Institutional Access
Recent regulatory updates indicating that certain staking activities may not be classified as securities have added to market optimism. Approval of an ADA ETF could potentially expand institutional exposure and further support ADA’s trading volumes. Grayscale’s recently approved large-cap fund conversion into ETFs includes a small allocation to Cardano, alongside Bitcoin, Ethereum, Solana, and XRP.
Separately, Cardano founder Charles Hoskinson is expected to release an audit report later in August. The review examines Input Output Global’s 2021 ADA token management practices. The report follows earlier allegations against Hoskinson, which he has denied, and may be accompanied by legal action after its publication.
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