SUI is directly mentioned in the way it enters Wall Street, not as a 'spot ETF', but as—
21Shares 2x Long SUI ETF (TXXS).
Listed on NASDAQ;
The goal is to use 2x leverage to track the price of SUI;
Bloomberg analysts directly said:
This is the 74th cryptocurrency ETF this year;
In the total pool, it is the 128th;
The first ETF based on a certain coin is surprisingly a leveraged product, which is very rare.
What does it mean?
Wall Street's positioning of SUI is immediately as a 'high volatility, suitable for long and short trading products', rather than 'a slowly accumulated store of value asset'.
The best people in the ETF industry know how to make money and vote with their feet to tell you—SUI is meant for playing volatility, not for holding like BTC for ten years.
The impact on SUI can be viewed in two layers:
Short term:
With TXXS, this set of products will need to go long on SUI, adjust positions, and rebalance daily, which will bring a certain level of 'passive buying pressure.'
When sentiment is good, it will amplify the rise—SUI spot rises by 10%, and theoretically, the ETF can give you around 20% volatility;
When sentiment is poor, it also amplifies declines; if there are several large bearish candles in a day, leveraged ETFs might experience 'the price hasn't halved yet, but the net value collapses first.'
Medium term:
As long as there is trading volume, market makers and quants can make money on TXXS;
They earn from 'volatility + trading fees + market-making subsidies,' and do not care whether SUI rises or falls in the long term;
But this mechanism will have a counter-stimulating effect:
Once there is significant good news on-chain, Wall Street funds can directly magnify their long positions through TXXS leverage;
Once there is negative news on-chain, it can also amplify bearish sentiment through TXXS.
To be more realistic:
SUI has officially been written into 'currencies that can be used as short-term trading tools in US stock accounts.'
So as a retail investor, how should you treat SUI?
I give you a very direct judgment:
SUI is not 'a faith coin you must embrace for life'; it is more suitable to be treated as 'a high-volatility trading target.'
There are three reasons:
Narrative attributes:
SUI's strengths lie in its technical architecture, new object model, and design for large-scale applications, which certainly have imagination for the future;
But it is still far from 'becoming a globally recognized store of value like BTC/ETH,' and it needs to go through rounds of project and application validation.
Tool attributes:
With TXXS, you can clearly see that Wall Street's core demand for SUI is 'tradeable, exciting, and highly volatile.'
When your opponents are ETFs, market makers, or quant firms, what you need to do is not to follow them in betting on trends, but to use the volatility they create to do T.
Position attributes (my attitude):
In a normal allocation, a coin like SUI should be placed in a 'high-volatility active position'—it can be frequently traded, but do not heavily invest your assets;
The truly long-term hold assets are still BTC / ETH / BNB, which have already been 'implicitly accepted as store of value/settlement layer' by the entire system.
In one sentence:
The birth of TXXS is not about giving you a 'guaranteed profit tool,' but rather announcing—
SUI has officially been regarded by Wall Street as 'a battlefield for repeatedly harvesting volatility.'
Do you want to be the one picking up chips on the battlefield, or the one who is continuously shaken out by volatility?
