Bitwise Files Spot SUI ETF as Price Compresses; Derivatives Point to Upside
Bitwise has filed an S-1 to launch a spot SUI ETF that would hold actual SUI tokens and integrate staking rewards, marking a step toward institutional adoption of SUI. The filing arrives while SUI trades inside a descending wedge near $1.32–$1.38 support, a compressed technical range that has been absorbing sell pressure since December. Derivatives metrics show short liquidations of roughly $165.9K versus $132.6K in long liquidations, and open interest rose about 1.86% to $658.5M, signaling fresh leveraged positioning during the compression. Binance top-trader data show a 64% long bias (1.78 L/S), indicating experienced traders are skewed long. Analysts read these signs as weakening downside momentum and increasing capital inflows at support; a confirmed breakout above $1.72 could trigger an upside volatility expansion toward $2.18, while failure to break may keep SUI range-bound between roughly $1.18 and $2.18. Traders should monitor SEC approval progress, open interest, liquidation flows and price confirmation above $1.72 for possible entries. Primary keywords: SUI, spot SUI ETF, Bitwise, open interest, short liquidations.
Bullish
The news mixes a regulatory/structural catalyst (Bitwise filing for a spot SUI ETF with full token backing and staking integration) with technical and derivatives signals that favor upside. ETF filings by established asset managers typically increase institutional attention and potential capital inflows if approved, which is a medium- to longer-term bullish driver for token demand. Short-term technicals also support a bullish case: SUI is compressed in a descending wedge at a multi-week support zone, open interest rose (~1.86%), and larger short liquidations (~$165.9K) than long liquidations indicate sellers were recently forced out. Additionally, Binance top traders show a 64% long bias, suggesting experienced traders are positioned for upside. Taken together, these factors raise the probability of an upside breakout — especially if price clears $1.72 — which could accelerate gains toward the $2.18 supply zone. However, the bullish view is conditional: absence of SEC approval or a failed breakout would likely keep SUI range-bound between ~$1.18 and $2.18. Traders should manage risk with clear stop levels below the $1.18 support and confirm entries on sustained price and volume confirmation above $1.72, while watching open interest and liquidation flows for follow-through.