The crypto markets saw a sharp downturn this week, with Cardano’s ADA leading the losses among major altcoins, falling nearly 5% in 24 hours. The pullback came amid broader profit-taking in the aftermath of Bitcoin’s latest surge past $85,000, as traders moved to lock in gains.
Meanwhile, institutional interest remains strong, with ProShares submitting an amended filing for its XRP ETF, aiming for a U.S. launch by the end of April.
Bitcoin’s Rally Cools, Pressures Altcoins
Bitcoin (BTC), which recently topped out near $86,000, began retracing on April 15, falling to the $83,000 range. While such corrections are typical after sharp rallies, they often trigger ripple effects across altcoin markets. Cardano’s ADA, in particular, bore the brunt of the drop, leading majors into the red with a steep intraday decline.
CryptoQuant analysts observed that the profit-taking trend was mostly spot-driven rather than driven by derivatives markets. This indicates that long-term holders were securing gains rather than exiting the market entirely.
“These kinds of pullbacks are natural after an extended upside,” said James Butterfill, Head of Research at CoinShares. “What matters more is whether institutional flows remain steady. For now, they are.”
ADA, BTC, XRP Price Table
| Date | ADA Price | BTC Price | XRP Price |
|---|---|---|---|
| April 13, 2025 | $0.6424 | $85,900 | $2.18 |
| April 14, 2025 | $0.6300 | $84,650 | $2.15 |
| April 15, 2025 | $0.6150 | $85,180 | $2.12 |
| April 16, 2025 | $0.6062 | $83,934 | $2.08 |
Data sourced from CoinMarketCap and TradingView
As of April 16, ADA is trading at $0.6062, down 2.5% over 24 hours and 5.6% over the week. Bitcoin stands at $83,934, while XRP trades around $2.08 following similar downward pressure.
ProShares Updates XRP ETF Filing Ahead of April 30 Deadline
While prices waver, institutional momentum hasn’t slowed. On April 16, ProShares submitted an amendment to its XRP Spot ETF filing, adjusting language related to market surveillance and pricing methodology. The amended prospectus signals ProShares’ readiness to list the fund pending regulatory approval.
This move follows growing speculation that the SEC may begin approving non-Bitcoin crypto ETFs in 2025, particularly after its court setbacks involving Ripple. The updated filing now targets April 30, 2025, as the proposed launch date, pending approval.
ETF Store President Nate Geraci commented, “An XRP ETF is no longer a matter of if but when. Institutional investors are demanding diversified crypto exposure, and XRP fits the bill.”
Market Mood: Shaken but Not Stirred
Despite the sell-off, analysts don’t see the drop as the beginning of a sustained bear phase. Glassnode data shows Bitcoin long-term holders are largely unfazed, and exchange inflows remain low—both signs that panic selling hasn’t taken over.
Traders are now watching key support levels: $0.60 for ADA, $83,000 for BTC, and $2.00 for XRP. A bounce from these zones could confirm market resilience and set the stage for renewed upside.
Conclusion
The latest market dip—led by ADA and triggered by Bitcoin profit-taking—marks a healthy correction rather than a panic sell-off. While prices have cooled, institutional interest remains hot, with ProShares pushing ahead with its XRP ETF plans. Investors would be wise to watch both price levels and regulatory signals as the market enters a new phase of consolidation and reaccumulation.
As April nears its end, all eyes are now on the SEC, ETF approvals, and whether Bitcoin will maintain its critical support range. For Cardano and the broader market, resilience and roadmap execution will be key to weathering the current wave.
FAQs
Why did Cardano (ADA) drop significantly?
ADA led the altcoin pullback due to market-wide profit-taking after Bitcoin’s rally. It’s a common reaction in correlated crypto markets.
Is this the start of a crypto bear market?
Not necessarily. Data suggests the market is cooling off after strong gains. Long-term holder behavior remains bullish.
What is the latest with ProShares’ XRP ETF?
ProShares amended its XRP ETF filing on April 16, targeting a U.S. launch by April 30, pending SEC approval.
What are the key support levels to watch now?
Analysts are watching $0.60 for ADA, $83K for BTC, and $2.00 for XRP as potential support and bounce zones.
Glossary
Profit-Taking: The act of selling assets after price gains to secure profits.
ETF (Exchange-Traded Fund): A type of investment fund traded on stock exchanges, offering exposure to assets like crypto.
Altcoin: Any cryptocurrency that is not Bitcoin, such as Ethereum, Cardano, or XRP.
Support Level: A price level where an asset tends to find buying interest, often halting further decline.
Institutional Investor: Organizations like hedge funds and asset managers that invest large sums in markets, often through ETFs.
