Very bearish news for Cardano (ADA), Grayscale removes $ADA from crypto fund 


Grayscale officially removed Cardano (ADA) cryptocurrency from its crypto fund as a part of their respective weightings. 

Grayscale is a digital assets investment firm which is mainly known for offering cryptocurrency investment products, including Bitcoin and Ethereum trusts, to institutional and individual investors. 

Recently Grayscale firm confirmed that they removed ADA cryptocurrency from their Digital Large Cap Fund (GDLC). The company explained the main reason behind this decision and said that the fund invests solely in a basket of large-cap digital assets. 

Grayscale’s Digital Large Cap Fund is a unique investment that focuses on a group of major digital assets and notably ADA crypto coin displaced by some top flagship cryptocurrency assets, following the pump in the trade price of crypto assets as a part of usual market uptrends. 

Earlier this digital assets fund manager took Polygon’s MATIC out from its fund and added assets like Avalanche (AVAX) and XRP instead, in January of this year. 

The first time Grayscale added ADA cryptocurrency to its fund was in 2021. At the time ADA was 3rd top-ranked cryptocurrency by market cap. 

Another digital assets fund manager Bitwise 10 Crypto Index Fund tries to copy an index made up of the top 10 valuable digital assets of the market. Its fund started including ADA, but only a small part, around 1.1%.

Ada price action

However, this news failed to impact the trade price of the ADA coin significantly but we can see that usual market sentiments hurt the trade price of this coin badly. 

In the last 7 days, the trade price of ADA coin plummeted 8.64%. 

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