Top Highlights
TL;DR
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ETF Filings Update: Grayscale has recently updated its S-1 applications for Cardano and Polkadot ETFs, following prior 19b-4 filings, indicating a strategic push amid SEC delays.
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Market Optimism: The likelihood of a spot Cardano ETF approval has risen to 87%, driven by community optimism despite ADA’s recent price dip, which is seen as temporary.
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Polkadot Price Movement: Polkadot’s price has mirrored market trends, dropping but showing signs of recovery; speculation suggests potential price increases if the ETF is approved.
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Community Sentiment: Both Cardano and Polkadot have strong bullish sentiments among investors, anticipating significant price rallies with favorable ETF developments.
ADA and DOT Brace for Action as Grayscale Pushes ETF Updates
As the year draws to a close, the focus shifts to the U.S. Securities and Exchange Commission (SEC). The upcoming deadlines for numerous spot crypto ETF applications loom large. Recently, Grayscale, the largest crypto asset manager, updated its filings for ETFs linked to Cardano (ADA) and Polkadot (DOT).
On August 29, Grayscale submitted S-1 registration forms for both ETFs. Notably, these are updates rather than new applications. James Seyffart, an ETF expert, clarified that the initial 19b-4 filings for both cryptocurrencies had already been submitted. The S-1 forms detail the funds’ structures, tracking methods, risks, custodians, and associated fees.
This surge of activity seems linked to the SEC’s recent delays in decision-making. Market participants express optimism. According to Polymarket data, chances of a spot ADA ETF gaining approval stand at 87%, a significant rebound from 63% earlier this month.
Regarding price, ADA took a hit following the broader market’s downturn, dropping from over $0.96 to $0.81. However, ADA has started to recover. Analysts believe a successful ETF launch could push its price above $1.
Similarly, the news for DOT isn’t vastly different. Grayscale has also filed an S-1 for its Polkadot ETF. DOT’s recent price fluctuated due to market conditions, falling from $4.30 to $3.75 before bouncing back slightly. Many in the crypto community remain hopeful that, if DOT ETFs are approved, the price could surge to $5, $10, or even $20 under favorable market conditions.
Currently, DOT trades around $3.73, buoyed by increasing interest. Technical indicators suggest strong potential for growth as momentum builds.
The developments surrounding these ETFs highlight the growing relevance of cryptocurrencies in mainstream finance. As interest builds, both ADA and DOT could redefine their positions in the market, driving technological innovations and adoption across multiple sectors.
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