- Speculation about a Cardano ETF has generated mixed reactions, with ADA’s price dropping 5%.
- Past data and the upcoming Windows hard fork give rise to optimism about ADA’s future prospects.
Just two days after the Ethereum (ETH) ETF was approved for trading, the Cardano (ADA) ETF is gaining increasing attention.
Is a Cardano ETF Next?
This excitement was fueled by a recent post on X by Tap Tools, a platform for tracking tokens, NFTs, and wallets on the Cardano blockchain.
The post raised a provocative question, sparking speculation and discussion within the cryptocurrency community about the potential implications for ADA in light of recent regulatory developments. It asked:
“Is the $ADA ETF next?”
Hoskinson’s response
Cardano founder Charles Hoskinson responded with a GIF featuring superheroes, captioned:
“Okay. I’ll do it myself.”
Hoskinson’s direct involvement in this conversation only fueled further speculation within the ADA community.
Contrary to expectations of widespread excitement, some were disappointed. Emphasizing this sentiment, an X user with the handle Batman said:
“We don’t want a Cardano ETF.”
Impact on ADA Price
According to CoinMarketCap, the price of ADA did not react positively to the news either, falling more than 5% in the last 24 hours.
This trend is further confirmed by the Relative Strength Index (RSI), which remains below the neutral threshold of 44, indicating bearish sentiment.
Source: TradingView
Additionally, the converging Bollinger Bands suggest that volatility has decreased, indicating that the current downtrend may continue.
However, AMBCrypto’s analysis of IntoTheBlock data shows that the ADA market is fairly balanced, with no clear bull or bear dominance.
Source: IntoTheBlock
Will the Windows Hard Fork Update Cause Price Fluctuations?
Amid recent events, there is growing anticipation for the upcoming Chang hard fork, which is expected to drive up the value of ADA.
Historical data further supports this optimism: during the previous Alonzo hard fork in August 2021, ADA surged 130% from $1.35 to $3.10.
The community now expects similar returns to come with the Chang upgrade and the potential introduction of the ADA ETF.
Speaking of which, Ripple CEO Brad Garlinghouse already predicted a Cardano ETF when he said:
“I think it’s just a matter of time, there’s bound to be an XRP ETF, there’s bound to be a Solana ETF, there’s bound to be a Cardano ETF. That’s a really good thing.”