- 21Shares was the second potential issue to request an American place Sui ETF.
- Sui was above the most important level for bullish continuation, but the network activity cooled.
21Shares, a digital asset manager of $ 10 billion, became a member of Canary Capital in the race for an American place Sky [SUI] Etf.
According to the S-1 form submit With the Securities and Exchange Commission (SEC), Coinbase will be the preserver for the proposed ETF.
In addition, the proposed ETF shares creations and repayment will be settled in cash and not in kind.
On March 17, Canary Capital was the first to make a similar ETF compulsion. It is still to be seen whether the agency will recognize the applications.
21Shares Partners with Sui
21Shares too announced A ‘strategic partnership’ to “expand worldwide reach.” In the statement, Duncan Moir, 21Shares President said, ”
“Since our earliest research into Sui, we believed that it could be one of the most exciting block chains in the industry, and we see that thesis play out.”
The cooperation includes product partnerships, research reports and other initiatives.
In the updates, the Altcoin pump saw 9%on Thursday. However, the profits were quickly erased as Bitcoin -Dominance climbed higher to 64.8%.
Source: Sui/USDT, TradingView
In general, the Altcoin’s +100% Rally from April Lows had cooled, as is the current consolidation around $ 3.5.
But the price consolidation was above 200dma (daily progressive average). By keeping above the most important technical level, bulls can push to the next Resistance above $ 4.
However, the address activity indicated that the cooling of Sui could stretch for a while. The April recovery was characterized by a sharp rebound in active accounts from 1.3 million to almost 2 million.
But the metric fell sharply at the end of April to 1 May to 1.1 million users. That is a decrease of 45% in network activity. This can keep SUI sideways or immerse the lower unless the activity returns.
