Cardano Rises to Top 3 in Grayscale Rankings Amid ADA ETF Approval Hype - Crypto Data Space

Cardano Surges in Weekly Returns Ranking, Eyes Possible ETF Approval by August

Cardano (ADA) has made a strong comeback, jumping to third place in Grayscale’s latest “Top 10 Crypto Assets by Weekly Returns” snapshot. Between July 31 and August 7, 2025, ADA posted a 6.3% weekly gain, a sharp reversal from the previous week when it was ranked ninth after an 8.1% drop. This boost brought ADA’s market cap to $28.7 billion, even as its year-to-date gains slowed to 6.8%.

Despite a 3.48% daily price dip, ADA outperformed the broader crypto market, which fell by 1.78%. The renewed momentum aligns with the recent launch of Midnight, a privacy-focused protocol on the Cardano network that’s generating significant community excitement.

ADA ETF Approval Speculation Heats Up

Fueling ADA’s rise are increasing expectations around a potential ADA ETF approval. Analysts believe the U.S. SEC could deliver a decision on Grayscale’s ADA ETF application by the end of August. Regulatory signals suggesting certain staking activities aren’t classified as securities have only amplified investor optimism.

According to Polymarket, there’s now a 75% probability the ETF will be approved. Still, the SEC could delay a final decision until October 23, giving the market a few more weeks of suspense. Notably, the ADA ETF is part of a broader Grayscale plan, which also includes Bitcoin, Ethereum, and XRP conversions to ETFs. In the Grayscale Digital Large Cap (GDLC) Fund, Cardano holds a 0.8% allocation.

Audit Report Incoming from Cardano’s Founder

Adding to the August buzz, Cardano founder Charles Hoskinson is preparing to release a long-awaited audit report on IOG’s 2021 ADA token management. The review follows accusations from earlier this year involving alleged token theft. Hoskinson has hinted that a defamation lawsuit could follow the audit’s release, aiming to clear his name ahead of major market events like the potential Spot ADA ETF approval.

With multiple catalysts aligning, Cardano is entering a high-stakes period that could define its institutional future.

Cardano Rises to Top 3 in Grayscale Rankings Amid ADA ETF Approval Hype