SUI Token Drops 4% After $48.87M Unlock, Institutional ETNs Fuel Volatility on Binance

SUIUSDT has declined by 4.00% over the last 24 hours, now trading at 0.8561 USDT on Binance. The price decrease is primarily attributed to increased volatility following a large token unlock event valued at approximately $48.87 million, which expanded the circulating supply and contributed to short-term selling pressure. Additional factors include recent launches of regulated SUI ETNs and ETFs by VanEck, Grayscale, and Canary, providing institutional access and staking rewards, as well as sustained capital outflows and dominant whale short positions observed in on-chain data. Trading volume has surged, with Binance reporting significant activity and a 24-hour spot volume exceeding $31 million for the SUI/USDT pair. The market capitalization stands between $3.37 billion and $3.49 billion, and the asset has seen a weekly decline of over 9%, reflecting overall negative sentiment and heightened market activity surrounding key events.