21Shares Goes for Broke: Files for Spot SUI ETF—Will the SEC Play Ball?

Another day, another crypto ETF hopeful knocks on the SEC’s door—this time, it’s 21Shares betting big on SUI. The altcoin barely blinked, proving once again that crypto markets treat regulatory drama like a caffeine-deprived trader ignores risk disclosures.

Price action? A shrug in chart form. Meanwhile, Wall Street’s old guard still can’t decide if blockchain is the future or just a very elaborate prank.

21Shares partners with Sui 

21Shares also announced a ‘strategic partnership’  to ‘expand global reach.’ In the statement, Duncan Moir, 21Shares president, said, 

“Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out.” 

The collaboration will include product partnerships, research reports, and other initiatives.

The updates saw the altcoin pump 9% on Thursday. However, the gains were swiftly erased as Bitcoin dominance climbed higher to 64.8%. 

Source: SUI/USDT, TradingView

Overall, the altcoin’s +100% rally from April lows had cooled off as shown by ongoing consolidation around $3.5. 

But the price consolidation was above the 200DMA (Daily Moving Average). Holding above the key technical level would allow bulls to push forward to the next resistance above $4. 

However, the address activity signaled that SUI’s cool-off could extend for a while. The April recovery was marked by a sharp rebound in active accounts from 1.3 million to nearly 2 million.

But the metric sharply dropped at the end of April into May, to 1.1 million users. That’s a 45% drop in network activity. This could keep SUI sideways or dip it lower unless activity rebounds again. 

Source: Sui Scan