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The crypto market has been bearish over the last 24 hours, with BTC, ETH, and XRP all in the red. 

SUI, the native coin of the Sui blockchain, is down 6%, making it the worst performer among the top 30 cryptocurrencies by market cap.

It is trading below $1 despite two SUI ETFs launching on Wednesday.

SUI’s bearish performance comes as Grayscale and Canary Capital launched their Sui exchange-traded funds (ETFs) on Wednesday.

The Sui Foundation announced on Wednesday that Grayscale’s Sui Staking ETF (GSUI) is now live on NYSE Arca. 

Thanks to this launch, investors can gain exposure to SUI, including potential staking returns, directly through traditional brokerages, without needing a crypto wallet or exchange account.

Sui added that staking rewards will be reflected in the ETF’s net asset value, offering investors an additional source of return beyond price appreciation.

GSUI is Grayscale’s fourth Sui-focused vehicle after previously launching investment trusts backed by SUI, WAL (the native token of the decentralized data layer Walrus), and DEEP (Sui’s decentralized central limit order book, DeepBook).

The team also announced that Canary Capital's SUIS is now trading on Nasdaq.

SUIS aims to track the price of SUI and also seeks to capture staking rewards, a unique feature in the US ETF landscape that is reflected in the Fund’s net asset value if earned.

While commenting on the launch, Adeniyi Abiodun, Co-Founder and Chief Product Officer at Mysten Labs, said,

“Today’s launch signals a broader shift in institutional demand for access to newer and more advanced blockchain infrastructure, because that infrastructure directly translates to global payments use cases, which are increasingly viewed by Wall Street as crypto’s path to mainstream adoption.”

The SUI/USD 4-hour chart is extremely bearish as the coin has lost 6% since Wednesday despite the positive news within the Sui ecosystem.

SUI is currently trading at $0.9175, below the downward-sloping 50-day Exponential Moving Average (EMA) at $1.28, indicating a strong bearish momentum.

The 100-day EMA at $1.58 and the 200-day EMA at $2.02 continue to serve as strong resistance levels in the medium term.

At the same time, the Relative Strength Index (RSI) at 44 on the 4-hour chart remains below 50, reinforcing a weak tone that gives sellers control.

A continued decline in the RSI into oversold territory may accelerate Sui's downtrend to test the February 6 support at $0.78.

However, if the daily candle closes above the $1.04 resistance level, SUI could rally toward the 100-day EMA at $1.58.

The Moving Average Convergence Divergence (MACD) histogram has turned positive on the daily chart, indicating that momentum is improving.

The post SUI dips 6% despite Grayscale, Canary Capital ETFs launch appeared first on Invezz

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