1.99 Billion Cardano Committed in 24 Hours as Grayscale ETF Speculation Triggers Adoption

Source: CryptoNewsNet Original Title: 1,990,000,000 Cardano in 24 Hours, Grayscale ETF Bid Triggers Adoption Original Link: Cardano has witnessed a spike in open interest in the last 24 hours, with 1.99 billion ADA committed by futures traders. Data indicates that open interest surged by 1.29% as speculation about a possible Grayscale spot Cardano exchange-traded fund (ETF) approval grows.

Exchange data shows positioning for ADA ETF rally

The total open interest of 1.99 billion ADA is worth $816.97 million. The increase in open interest comes as speculation about Grayscale’s ADA ETF approval filtered into the market. Some investors consider that such an approval could positively influence adoption and the price outlook for the coin.

However, according to available updates, the application remains under review. Grayscale’s application with the U.S. Securities and Exchange Commission (SEC) has not been decided upon. The spot Cardano ETF hasn’t been approved by the SEC yet, and the application is still under review, with a decision now expected in early 2026.

According to market sources, the asset manager is looking forward to a possible approval from the SEC in the coming weeks. This implies that while anticipation is high for a positive decision from the regulatory body, interested investors still have to continue waiting much longer.

Nevertheless, traders consider the news enough spark to boost their interest in Cardano, which led to the uptick in open interest. Notably, Gate exchange users are most optimistic as a total of 502.05 million ADA worth $205.74 million were committed, which represents 25.18%.

Other exchanges with high volumes of interest include certain head-tier platforms, with 16.33%, 12.8% and 8.91%, respectively. In fiat terms, the values stand at $133.43 million, $105.26 million and $72.82 million, in that order.

It appears that traders are taking advantage of Cardano’s underperformance to stack up on the coin in anticipation of a possible ETF-induced rally.

ADA price struggles despite bullish technical signals

Despite climbing to a daily peak of $0.4357, Cardano failed to breach major resistance at $0.45 and continued on descending volatility.

As of the latest data, Cardano is trading at $0.4127, representing a 1.56% decrease in the last 24 hours. Trading volume has also dipped by 7.5% to $846.79 million within the same time frame.

Cardano has the potential for more upside, considering the formation of a golden cross. However, weak momentum, such as low trading volume and profit-taking moves from short-term investors, appears to be a hindrance.

There is still hope that ADA’s price could soar to $0.60 should the coin follow the same path as XRP. As per the asset’s weekly Bollinger Bands indicator, Cardano is structurally set to mirror XRP.