Cardano Slides Below $0.20 as Grayscale Abandons ETF Filing

Grayscale’s decision to drop the filing on August 7 effectively stalled the path for a potential product, even though the token simultaneously satisfied an SEC generic listing criterion. By August 9, Cardano’s underlying futures reached the six-month trading threshold on a CFTC-regulated market, a prerequisite for certain commodity-based ETPs. Despite this, the withdrawal—executed alongside similar cancellations for Hedera and Polkadot—indicates that the sponsor currently has no intent to proceed with a standalone offering. No shares were ever issued under the original registration.

Technical indicators are currently compounding the downward pressure. Analyst Ali Charts identified a confluence of bearish signals, including a decline in whale wallets holding between 1 million and 10 million ADA and a death cross between the MVRV ratio and its seven-day moving average. With the Tom DeMark Sequential flashing a sell signal on the daily chart, analysts suggest a potential slide toward $0.170 if the current support fails to hold. While the network continues to evolve—notably with the July 18 activation of the Van Rossem hard fork under the new governance framework—these fundamental upgrades have yet to decouple the asset from its broader 2026 downtrend.