Cardano Surges 17% on Grayscale ETF Buzz, Outpacing Bitcoin and Ethereum

Cardano posted one of its strongest single-day performances of 2025, jumping more than 17% in 24 hours as speculation swirled over a possible Cardano-focused ETF from Grayscale Investments. The rally left Bitcoin and Ethereum trailing and pushed ADA to the number two spot among the day’s top gainers in the crypto market.

ETF filing fuels market optimism

The price surge brought ADA close to the $1 mark, with daily trading volume soaring 56% to $3.4 billion. Futures data from Coinglass showed open interest in ADA rising 26% to $1.82 billion, a sign of heightened speculative activity. Nearly 70% of Binance traders with open ADA futures positions were betting on further upside.

The catalyst came from a corporate filing with Delaware’s Department of State for a “Grayscale Cardano Trust ETF.” While such a filing does not guarantee the launch of an ETF, it is often a preliminary step for asset managers seeking to list a new product.

Grayscale, the world’s largest digital asset manager, has previously created trust products for major cryptocurrencies, including Bitcoin, Ethereum, and Solana, as precursors to ETF applications. In January 2024, its push for a spot Bitcoin ETF, alongside other issuers, helped drive a significant market rally.

Although Grayscale has not confirmed the filing or commented on its plans, traders appear to be betting on history repeating itself with Cardano.

Why an ADA ETF matters

An ETF allows investors to gain exposure to an asset without directly buying or managing it, making it more accessible for both retail and institutional players. If approved, a Cardano ETF could:

• Broaden ADA’s investor base beyond crypto-native users;
• Increase liquidity and market depth;
• Boost credibility and visibility for the Cardano ecosystem.

The prospect of institutional capital entering ADA markets often sparks strong price reactions, similar to the inflows seen in Bitcoin following ETF approvals.

Outperforming the market leaders

While ADA surged 17%, Bitcoin rose just 3.19% to $121,821 and Ethereum climbed 2.07% to $4,733. This divergence highlights how specific catalysts, such as ETF speculation, can create sharp deviations from broader market trends.

Traders note that Cardano’s relatively lower market cap compared to BTC and ETH makes it more sensitive to concentrated buying pressure, amplifying moves when demand spikes.

Caution amid the hype

Analysts warn that ETF rumors can be a double-edged sword. In several past cases, prices have rallied sharply on speculation, only to retrace when filings failed to progress. With no official confirmation from Grayscale, some traders expect increased volatility in the days ahead.

Still, for ADA supporters, the filing represents a moment of renewed optimism. After a prolonged period of underperformance compared to other large-cap altcoins, the token is once again in the spotlight.