You Won’t Believe What 21Shares Just Did With the SUI ETF—See How the Coin Reacted!

by
  • 21Shares, that reliable merchant of ten-billion-dollar dreams, dashes forth—second only to the nimble Canary Capital—in a bid for a U.S. spot SUI ETF. The honor! The prestige! The paperwork! 📝
  • Meanwhile, the SUI coin, perched confidently above the fabled “bullish continuation” line, catches its breath as the network itself slumps into a post-dance nap. Someone fetch it a strong tea. 🍵

Picture it: 21Shares, having polished its shoes and straightened its tie, joins the ETF waltz alongside the sprightly Canary Capital. The ballroom? The ever-stern U.S. Securities and Exchange Commission. Ah, the S-1 form—what romance! This time, Coinbase stands as custodian. They’ll keep the keys but also the dreams, one imagines.

Curiously, instead of a proper in-kind settlement—where participants might toss altcoins across mahogany tables—redemptions and creations shall be settled in cash. More prosaic, less theatrical. Trust the Americans.

Back in March, before 21Shares ever laced its dancing shoes, Canary Capital was first to flirt with the SEC. Will the agency now respond? Will it swoon? The suspense could power a small, provincial railway.

21Shares Sips Vodka With Sui

In a move reminiscent of provincial dignitaries forging alliances over pickled cucumbers, 21Shares heralded a strategic partnership with Sui to “expand global reach.” Duncan Moir, acting in the dual roles of president and enthusiastic poker player, declared:

“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.”
— A man who probably never met a blockchain he didn’t think was exciting.

The collaboration promises partnerships, thick reports, and, one suspects, many PowerPoint slides. 🍾

Upon hearing the news, the SUI altcoin leapt up 9% on the sort of Thursday that makes you believe anything is possible. And then, crushed under the ever-growing shadow of Bitcoin (which, at 64.8% dominance, is essentially the czar at this point), SUI’s gains vanished. So it goes.

After a hearty +100% rally since April (a feat sure to make even Chekhov’s long-suffering uncles weep with envy), SUI now settles into a dignified consolidation at $3.5—a number with as much poetic meaning as a provincial train departure.

Still, price floats above the 200-day moving average, giving bulls something to brag about at dinner. “If we stay here,” they mutter over weak soup, “resistance at $4 awaits!” Alas, the mood in the ballroom is subdued.

Network activity, that fickle mistress, has sharply receded. April’s whirlwind saw a stampede from 1.3 million to nearly 2 million eager accounts. But May? The party’s over. Just 1.1 million remain—an exodus worthy of a Russian winter.

If user activity continues to limp along, SUI’s price may stay sideways, or simply slump, like a poet at dawn.

Read More

2025-05-02 13:19