Canary Capital, an Australian crypto and digital asset management enterprise, took a major step towards launching a SUI-based exchange-traded fund (ETF) product, establishing a fund tied to the upcoming SUI ETF in Delaware, USA.
Two Major Breakthroughs For SUI Crypto
This came about hours after the Donald Trump-backed World Liberty Financial (WLFI) crypto platform announced a deal with the Sui (SUI) blockchain, adding the altcoin to the “Macro Strategy” reserve a day before the first White House Crypto Summit. Naming the key reasons for choosing this particular chain, World Liberty Finance’s (WLFI) co-founder Zak Folkman pointed to Sui’s market traction & tech innovation.
Sponsored
Presently, one of the most cost-effective Layer-1 blockchains is seeking similar recognition from the U.S. Securities and Exchange Commission (SEC), as the SUI ETF by Canary Capital landed on their desk for regulatory approval. This adds the Move technology employing blockchain to a selection of altcoins, including Hedera (HBAR) & Litecoin (LTC) already pitched by Canary Capital for an ETF.
Tacking on bullish momentum, Sui crypto (SUI) inked 5.5% daily gains to trade at $2.80. Sporting a massive trading volume of $2.26 billion, this Layer-1 chain already triples Tron (TRX) in 24-hour trading volume, despite being nine spots down from the competing altcoin.
SUI Price Rally Still Far Away From ATH
Two months after hitting the current all-time SUI price record of $5.35 on January 4, 2025, the newly-emerged Layer-1 blockchain is already knocking on the door of crypto’s TOP 10 by market cap. Crypto enthusiasts, such as Solberg Invest, are setting new targets for SUI above $7, expecting a further climb in the global crypto charts.
Meanwhile, crypto analyst Marcus Corvinus highlighted a break in the month-long bearish trend, crunching 22.8% of SUI’s price in 30 days. With a 48.4% distance to retesting the Layer-1 altcoin’s all-time peak, the trader expects SUI to exit the bearish wedge and witness price appreciation to reach as much as $8 for a SUI coin from the recent deal with World Liberty Financial (WLFI) ahead of the White House Crypto Summit.
On The Flipside
- SUI Foundation members are among the prominent figures in the crypto sphere who are expected to attend the White House Crypto Summit.
- Taking place today from 1:30PM – 4:30PM EST, the first meeting of this kind has the potential for a significant shift in the regulatory landscape.
- Over 64M of SUI tokens are bound to be unlocked on April 1, 2025, pouring nearly $200M into circulation, likely causing a short-term correction.
Why This Matters
Aside from fundamentals like utility and fair tokenomics, regulation-compliant blockchains tend to have a better shot at longevity. Exchange-traded funds can potentially bring the altcoin to a broader audience of investors.
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