Grayscale Opens Sui (SUI) Trust to Accredited Investors, Sparking a Price Surge
- WBOYOriginal
- 2024-09-12 18:45:11856browse
In a significant development for the Sui blockchain ecosystem, Grayscale, a leading digital assets manager, has announced that its recently launched Sui Trust is now open to qualified investors.
Grayscale, a major institutional player in the cryptocurrency market, has announced that its Sui Trust is now available to qualified investors, according to an update on September 11. This news has sparked a significant surge in the price of SUI, the native token of the Sui network.
Grayscale's Sui Trust now open to investors
Grayscale's move to open the Sui (SUI) trust to eligible accredited investors marks a key step in the institutional adoption narrative within the cryptocurrency space. This follows the August launch of the Sui Trust, which, together with the Bittensor (TAO) Trust, expands Grayscale's product offerings for those seeking exposure to various cryptocurrencies.
A quick look at the Sui Network
Sui, currently ranked as the 38th largest cryptocurrency by market capitalization with $2.4 billion, is a smart contracts blockchain network designed to accelerate the adoption of Web3 applications. Some of the key features of the Sui blockchain are parallel execution, zkLogin, and sponsored transactions, which position it as a promising platform in the decentralized finance (DeFi) and real-world assets ecosystem.
Total Value Locked (TVL) rebounds
The Sui network has seen a major rebound in its Total Value Locked (TVL). After a more than 50% plunge from highs of $1.08 billion in May 2024 to about $516 million in early August, Sui's TVL has recovered to above $940 million. This puts Sui as the 10th largest chain by TVL, though it still lags far behind Ethereum, which holds over 65% of the total value locked across all chains.
SUI/USD technical analysis and market response
The announcement from Grayscale has had a clear impact on SUI's price. SUI saw a 13.1% gain in 24 hours, making it the biggest gainer among the top 100 coins on CoinGecko.
The price broke above the $1 mark, a level it had struggled to cross since June. A technical analysis reveals a bullish market structure with potential for further gains:
Futures market and trader sentiment
Data from Coinglass shows strong bullish sentiment among traders, with a majority of liquidations occurring on short positions. The funding rate has also turned positive, indicating an optimistic outlook among traders.
However, it's important to note that this market response could also be influenced by the recent launch of the Sui mainnet, which has sparked anticipation and interest in the SUI token.
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