Bitwise Enters Crypto Spot ETF Race While SUI Tests Key Support Levels

Bitwise has submitted a formal application to the Securities and Exchange Commission to launch a spot crypto ETF focused on Sui, joining a growing competitive field of asset managers seeking approval for SUI exchange-traded funds. The move represents a significant milestone for institutional adoption of the Layer-1 network as the crypto spot ETF landscape continues to expand rapidly in 2026.

The Form S-1 filing filed this week positions Bitwise alongside Canary Capital and 21Shares in the race to secure SEC approval for the first domestic spot SUI crypto ETF. Coinbase Custody will handle the asset custodianship if the regulatory green light materializes. This competitive dynamic underscores growing institutional confidence in SUI as a core crypto asset suitable for traditional investment vehicles. The SEC’s review process for 21Shares’ earlier filing concludes in the coming weeks, while the regulatory body has already approved a 2x leveraged crypto derivative product from the same firm.

Earlier this month, Bitwise added SUI to its 10 Crypto Index ETF listed on the New York Stock Exchange, signaling the firm’s broader commitment to expanding its crypto ETF offerings. Industry analysts expect more than 100 crypto ETF products to launch throughout 2026, according to comments from Bitwise researcher Ryan Rasmussen on the Bankless podcast.

SUI Price Action Faces Technical Inflection Point

SUI is currently trading at $1.12, reflecting a 2.92% decline over the past 24 hours as the Layer-1 crypto asset approaches a historically significant support zone. This price level coincides with a rising trendline that has consistently marked turning points since the network’s mid-2023 inception, with prior tests typically followed by multi-week rallies supported by elevated trading volume.

The current consolidation overlaps with the 0.786 Fibonacci retracement measured from SUI’s all-time high of $5.35, a level closely monitored by institutional and algorithmic traders as a potential demand zone. The token trades within a long-term ascending channel framework, with a shorter-term descending channel reflecting recent consolidation rather than structural weakness.

Immediate support sits near $1.40, with a more critical structural level positioned around $1.30. A breakdown below $1.30 would compromise the current technical formation, while recovery confirmation requires SUI to reclaim the $1.56-$1.71 range. Extended upside targets extend from $2.20 to $2.80 if buying momentum accelerates.

Technical indicators show mixed signals: the Relative Strength Index sits near 40 (neutral momentum), while the MACD histogram displays slightly positive readings suggesting early bullish divergence on lower timeframes. Price positioning near the lower bound of recent Bollinger Bands creates asymmetric risk-reward dynamics.

On-Chain Growth Continues Despite Near-Term Price Pressure

Sui’s network fundamentals remain robust despite recent price consolidation. On-chain metrics indicate the network adds approximately 500,000 new wallet accounts daily, demonstrating sustained user acquisition momentum. Total value locked across DeFi protocols continues trending toward yearly highs, reflecting strong economic activity within the ecosystem.

SUI’s market capitalization currently stands at approximately $4.30 billion with 24-hour trading volume around $9.88 million. The circulating supply reaches roughly 3.85 billion tokens from a maximum supply of 10 billion, positioning SUI among the more liquid Layer-1 networks. Exchange-traded instruments linked to SUI have launched in select international markets including Brazil, expanding institutional access channels outside the United States.

This divergence between strong network fundamentals and near-term price weakness creates compelling asymmetry for longer-term investors. The ongoing crypto spot ETF approval race—led by Bitwise, Canary Capital, and 21Shares—will likely accelerate institutional capital flows into SUI if regulatory approval materializes in the coming weeks. Such an outcome would represent a watershed moment for bringing crypto assets into traditional investment portfolios, with SUI positioned as a core component within the expanding crypto ETF ecosystem.