Bitwise Files for Spot SUI ETF: Can Price Hold Key Level? 🚀

Bitwise has submitted an S-1 application for a spot SUI ETF. This move could potentially transform SUI from a high-beta altcoin into a managed asset for institutions, coinciding with SUI's price being compressed to a critical point.

🔹 The proposed ETF filing outlines full spot support and physical creation for SUI. This aligns with the token currently trading in a descending wedge pattern, placing significant pressure on the crucial $1.32–$1.38 demand zone.

🔸 Recent liquidation data indicates sell orders totaling $165,900, significantly exceeding buy orders at $132,600. This imbalance suggests a bearish sentiment in the short term, putting the demand zone under further scrutiny.