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Cardano ( $ADA ) traded near $0.1885 on Aug. 11, down about 4.7% over 24 hours and back below the $0.20 level, as traders weighed fresh technical warning signals against a changing U.S. exchange traded fund backdrop. Grayscale withdrew the registration statement for its proposed Cardano Trust ETF on Aug. 7, two days before CME Cardano futures completed six months of trading. The timing matters because the SEC’s generic listing standards allow a commodity based ETP to satisfy one eligibility route when its underlying asset has had a futures contract trading for at least six months on a CFTC regulated designated contract market. CME confirmed ADA futures began trading Feb. 9. By calendar time, ADA therefore appears to have met that particular listing criterion on Aug. 9, although that does not amount to ETF approval. Grayscale ends its current Cardano ETF registration Grayscale’s Aug. 7 SEC filing says the sponsor “does not intend to proceed with the planned distribution” of shares. The registration statement never became effective, and Grayscale confirmed that no securities had been issued or sold under it. The document gives no separate commercial, demand related or regulatory reason for the withdrawal. The move was not an SEC rejection. Grayscale filed similar withdrawal requests for proposed Hedera and Polkadot products within roughly three minutes, as reported in earlier withdrawal coverage. The coordinated timing makes it difficult to attribute the Cardano decision to ADA alone. The filings also do not prevent Grayscale from submitting new registrations later. ADA now meets one generic U.S. listing route The U.S. regulatory setup changed substantially after Grayscale first pursued its standalone Cardano product. In September 2025, the SEC approved generic listing standards that can allow qualifying commodity based ETPs to list without a separate case by case Section 19(b) rule change. One eligibility route requires a futures contract to have traded for at least six months on a CFTC regulated designated contract market. CME’s official release says Cardano futures began trading on Feb. 9, with Cumberland DRW and Wintermute executing the first ADA block trade. Six months elapsed on Aug. 9. ADA therefore appears to satisfy that particular exchange listing test, but a sponsor still needs an effective Securities Act registration statement before shares can be sold. Grayscale has withdrawn that registration layer, so the milestone does not revive its product automatically. The timing is notable because it had ben already flagged the approaching six month milestone in recent ADA market coverage. The earlier report noted that the futures history could strengthen the route for prospective U.S. products without guaranteeing approval. Network development continues despite market weakness Grayscale’s decision does not change Cardano’s underlying protocol development. The Van Rossem hard fork activated on July 18 at Protocol Version 11 after approval from DReps, stake pool operators and the Constitutional Committee. Intersect said it was Cardano’s first hard fork completed under the network’s full governance framework. The upgrade introduced Plutus and cryptographic improvements alongside stronger VRF key uniqueness rules for stake pool security. Its enactment formed part of the fundamental backdrop behind ADA’s early August recovery, although those developments have not been enough to keep the token above $0.20. For traders, $0.20 remains the clearest near term level to reclaim. Failure to recover that area keeps $0.17 in focus under Ali’s bearish scenario, while a move back above $0.20 would weaken the immediate downside setup. On the U.S. regulatory side, the next question is whether Grayscale or another issuer submits a fresh standalone ADA registration now that Cardano futures have crossed the six month threshold. No such new standalone filing was identified in the SEC records reviewed for this report.

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Grayscale has officially withdrawn its ETF filings for Cardano, Hedera, and Polkadot with the SEC, according to company records. $HBAR $DOT $ADA

Injective has launched its first live on-chain IBC connection with Cardano on testnet, allowing test $ADA and $INJ to move between the two networks. This is the first IBC link connecting Cardano to another blockchain. Injective is also now integrated with LI.FI, enabling users to bridge, swap, and deposit $INJ and native USDC across its native and EVM environments, with access to over 60 chains. These updates focus on improving cross-chain connectivity and asset transfers. DYOR. #write2earn #Injective #INJ #Cardano $ADA $INJ