What to know, dear reader, as the Sui coin trembles like a peasant before the tsar’s executioner: In the past 24 hours, it has fallen 4%, oscillating between $3.98 and $3.69, as if the market were a drunken peasant’s waltz-chaotic, desperate, and doomed. Institutions, those noble knights of capital, attempted valiantly to defend key support levels, but the tide of selling pressure proved fiercer than a Siberian blizzard. Derivatives data, that cold-eyed historian, revealed long positions unwinding like a poorly stitched shroud, open interest plunging 15% to $1.79 billion. Funding rates, once proud as a general’s saber, now droop to 0.0083%, their former glory of 0.075% reduced to ash. Alas, the incentive for bullish bets now lies in the grave of optimism. Yet, despite this, the coin clings to a 9% monthly gain-like a drunkard clinging to a lamppost, hoping the dawn will spare him.
The Sui token, that fickle lover of fortune, plunged 4% in the past day, its price swinging like a pendulum of despair between $3.98 and $3.69. The dawn brought a fleeting hope as the coin rose from $3.88 to $3.98, buoyed by institutional volumes of 18 million units-yet this was but a mirage. At the $3.97-$3.98 threshold, corporate selling pressure descended like the wrath of God, and the price buckled. Then came the hour of reckoning: 35.3 million units of trading volume, a tempest of greed and fear, carved a support line at $3.71-$3.72. Institutions, those weary defenders, tried to rally, but the session closed at $3.69-a 5% plunge from the opening. The market, dear reader, is a bear in winter.
The derivatives market, that shadowy tavern of speculation, saw long positions unravel like a moth’s wings in a candle’s flame. Open interest, once $1.79 billion, now whispers of its former self. Funding rates, those meager incentives for leveraged bets, have dwindled to 0.0083%, a shadow of their July peak of 0.075%. Traders, once bold as Cossacks, now retreat, their bullish dreams smothered by the cold hand of reality. The broader crypto market, indifferent as a monk, remains flat, while SUI’s 9% monthly gain is but a flicker in the darkness.
Yet, in this tale of woe, there are glimmers of hope-or folly. Swiss banks Sygnum and Amina Bank, like merchants in a bazaar, now offer custody and trading for SUI. But what is this to the market’s tempest? A pebble in an avalanche. Investors, emboldened by the month’s rally, now clutch their gains like a miser counts coins, adding fuel to the fire of selling pressure. One might ask: Is this the end of Sui’s saga, or merely a chapter in its tragic epic? Only time, that unyielding judge, shall decree. 🐃📉
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2025-08-11 23:06