TLDR
- Cardano moved to third place in Grayscale’s weekly crypto rankings after a 6.3% gain.
- The U.S. SEC is expected to give a decision on the ADA ETF application before the end of August.
- Cardano’s market capitalization reached 28.7 billion dollars despite slowing year-to-date gains.
- The launch of the privacy-focused Midnight protocol contributed to Cardano’s recent market momentum.
- XRP ranked first and Stellar ranked second in Grayscale’s latest “Top 10 Crypto Assets by Weekly Returns” list.
Cardano has risen to third place in Grayscale’s latest weekly crypto rankings after a strong market rebound. The move comes as the U.S. SEC is expected to issue a verdict on a proposed ADA ETF this month. Analysts see this as a critical moment for Cardano, given recent developments and increased institutional interest.
Cardano Gains Third Spot in Weekly Rankings
Grayscale ranked Cardano third in its “Top 10 Crypto Assets by Weekly Returns” snapshot for July 31 to August 7, 2025. Cardano recorded a 6.3% gain during this period, reversing its prior week’s ninth-place position. In that earlier week, Cardano saw an 8.1% decline in value, reflecting a volatile market phase.
This weekly performance raised Cardano’s market capitalization to $28.7 billion despite year-to-date gains slowing to 6.8%. Cardano’s price dropped 3.48% in the past 24 hours, performing slightly better than the market’s 1.78% drop. The boost aligned with the launch of Midnight, a new privacy-focused protocol on the Cardano network.
According to Grayscale’s list, XRP ranked first with a 9.7% gain, while Stellar claimed second place. Dogecoin, Ethereum, Tron, and Solana ranked fourth to seventh, with Bitcoin taking the eighth position. BNB and Hyperliquid completed the top ten ranking.
SEC Review of Proposed ADA ETF
Market attention has shifted to the SEC’s review of Grayscale’s ADA ETF application, expected before the end of August.
“The application has been under formal review, and timelines suggest a decision may arrive sooner,” noted industry analysts.
Current Polymarket data estimates a 75% probability of ETF approval for Cardano this month.
Recent regulatory clarifications have improved sentiment, particularly regarding staking activities not being considered securities. However, the SEC could extend its decision deadline to October 23 if further review is required. The application was filed earlier this year, and approval could enhance Cardano’s institutional exposure.
Last month, the SEC approved Grayscale’s plan to convert its large-cap fund into ETFs, which include Cardano. In this fund, Bitcoin holds over 80% allocation, with Ethereum at 11% and Cardano at 0.8%. XRP and Solana make up the remaining portions.
Hoskinson’s Upcoming Audit Report
Cardano founder Charles Hoskinson confirmed the release of an audit report later this month. The review will address Input Output Global’s ADA token management in 2021. It follows allegations made three months ago that Hoskinson misappropriated ADA tokens.
Hoskinson stated, “The audit aims to clarify facts before upcoming market events like the ETF decision.”
He also hinted at a possible defamation lawsuit after the report. The findings could influence community sentiment as Cardano navigates critical regulatory and network milestones.
