When the sun transitions into it's red giant phase it's mass is said to decrease (An article I read quoted it to go down to 67% of its mass however the number is not important). Since the orbital speed, assuming a circular orbit, is given by the equation $$v = \sqrt{\frac{GM}{r}}$$ Does this not mean that if the Mass decreases the circular orbital radius also decreases? This seems to make no intuitive sense since I would expect the radius to increase if the mass of the sun is lowered.
I have assumed the velocity of the earth in orbit will stay constant but this may be an incorrect assumption, if so can anyone explain why?