Cardano once looked like the heir apparent to Ethereum, but is now being passed by rivals.
Investor demand for new spot Cardano ETFs appears to be limited at best.
Cardano’s blockchain metrics provide little evidence of a near-term turnaround.
For years, crypto industry insiders have been expecting a big breakout for Cardano (CRYPTO: ADA). Unfortunately, that moment has never arrived. Cardano is down 30% for the year, and more than 80% from its all-time high of $3.10.
So, does Cardano have a future?
One way to answer that question is by examining how much demand there is for Cardano from both retail and institutional investors. The higher the demand, the brighter the future should be for Cardano. And, conversely, the lower the demand, the dimmer its future prospects might be.
Given all the buzz about new exchange-traded funds (ETFs) for top altcoins, this should be one area where Cardano really shines. But that’s simply not the case. When it comes to upcoming spot Cardano ETF filings, there’s not much on the docket.
BlackRock (NYSE: BLK) — the company behind the most popular spot crypto ETF — has not filed an application for a spot Cardano ETF. Investment firm Grayscale plans to offer a spot Cardano ETF, but that’s about it.
Right now, all the buzz from investors is for potential XRP (CRYPTO: XRP) and Solana (CRYPTO: SOL) ETFs. Even Litecoin (CRYPTO: LTC) — a cryptocurrency that is at risk of falling out of the list of the top 20 most popular cryptocurrencies in the world — is getting more attention than Cardano right now.
That tells you all you need to know. Investors simply aren’t that excited about Cardano. If they were, investment management firms would be rushing to create new investment products.
The numbers bear this out. Every week, CoinShares publishes updated institutional fund flows into major cryptocurrencies, and the amount of money that has flowed into Cardano year to date is minimal at best. A grand total of $50 million has flowed into Cardano in 2025. By way of comparison, $29 billion has flowed into Bitcoin (CRYPTO: BTC) and $14 billion has flowed into Ethereum (CRYPTO: ETH).
So why aren’t investors excited about Cardano? Part of the answer has to do with the fact that Cardano has long been known as the blockchain where nothing happens. Some have even referred to Cardano as a “ghost chain,” implying that it’s a blockchain with limited real-world utility.
In terms of users, projects, and transactions, the Cardano blockchain is not nearly as active as competitor blockchains such as Ethereum. That’s really a shame, because the co-founder of Cardano, Charles Hoskinson, is also one of the co-founders of Ethereum. Thus, in many ways, the same blockchain DNA used to create Ethereum was also used to create Cardano.
Yet, the difference between the two couldn’t be more stark. Take Total Value Locked (TVL), for example. This is a key metric for measuring overall blockchain activity, and a good barometer for measuring activity related to decentralized finance (DeFi).
