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- Zafar Naik
Zafar Naik
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Sohrab KhawasSohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 12, 2025 10:24 UTC
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Cardano Now 3rd in Grayscale’s Top Crypto Assets List – Is an ADA ETF Next?
Cardano jumped to 3rd place in Grayscale’s weekly crypto rankings with a 6.3% gain.
The SEC’s ADA ETF decision is expected by the end of August, with approval odds at 75%.
Cardano’s Midnight airdrop and rising TVL signal growing network activity.
Cardano (ADA) has climbed to third place in Grayscale’s “Top 10 Crypto Assets by Weekly Returns,” just as the SEC’s decision on a Cardano ETF draws closer. Add in a major airdrop from Cardano’s privacy protocol Midnight, and the network has more eyes on it than it’s had in months.
Here’s how ADA is making its way up the charts.
From Ninth to Third in One Week
In the week ending August 7, Cardano posted a 6.3% gain, moving up from ninth place the week before, when it had dropped 8.1%. This puts ADA just behind XRP (+9.7%) and Stellar, but ahead of big names like Ethereum, Dogecoin, and Bitcoin.
Despite the boost, ADA’s year-to-date gains stand at 6.8%, with a market cap of $28.7 billion. Its price slipped 4.79% in the last 24 hours, and is now $0.7719.
ETF Verdict Expected by August End
The U.S. SEC is expected to respond to Grayscale’s Cardano ETF application before the end of August, although a final decision could still be pushed to October 23. Optimism has grown after regulators clarified that some staking activities don’t qualify as securities.
Prediction platform Polymarket currently gives the ADA ETF a 75% chance of approval, which is actually down from 89% on July 10th. If it gets the green light, analysts expect fresh institutional inflows, stronger liquidity, and a boost to ADA’s bullish momentum.
Midnight’s Glacier Drop Goes Multi-Chain
Beyond the ETF buzz, Cardano’s ecosystem is getting a push from Midnight, its privacy-focused protocol. This month, Midnight launched the Glacier Drop airdrop across 8 blockchains – including Ethereum, Solana, and Polygon – to spread adoption and showcase its zero-knowledge smart contracts.
Over 35,000 users have claimed more than 739 million $NIGHT tokens (3.08% of supply), with Cardano accounting for 63.4% of claims. The multi-chain approach brings Cardano into new communities while reinforcing its own network.
Network Growth and Leadership Moves
Cardano’s Total Value Locked has jumped by over $100 million since late June, helped by rising meme coin activity. Meanwhile, founder Charles Hoskinson is preparing to release an audit report on IOG’s 2021 ADA token management, following accusations of token theft and has hinted at a possible defamation lawsuit after its release.
With ETF approval odds, network growth, and fresh adoption drivers all hitting at once, this is a turning point for Cardano’s market momentum.
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FAQs
The SEC must respond to Grayscale’s ADA ETF application by late August, though final approval could extend to October 23. Current approval odds stand at 75% per Polymarket.
Cardano’s privacy protocol distributed 739M $NIGHT tokens (3.08% supply) via an 8-chain airdrop (Ethereum/Solana included), with 63.4% claims from Cardano users.
Approval could trigger institutional inflows, boost liquidity, and accelerate ADA’s bullish momentum – currently trading at $0.77 with $28.7B market cap.
Yes 
No 
