The U.S. SEC has officially kicked off its review of Canary Capital’s spot SUI ETF, marking a major development in the token’s journey toward broader market exposure. The application has now entered the “institution of proceedings” phase, which is a formal step that puts it on the regulator’s radar after months of delay.
This move doesn’t mean approval is guaranteed, but it signals that the SEC is now taking the proposal seriously. And in crypto, timing is everything!
Canary isn’t the only one eyeing a SUI ETF. Asset manager 21Shares has also filed its own proposal, partnering directly with the Sui Network to expand institutional access.
While both applications are still under review, the back-to-back filings suggest growing confidence around SUI’s potential to enter the ETF space, something few altcoins have managed to do so far.
Already in the Big League: Bitwise Adds SUI
SUI has also made it into the Bitwise Crypto Index ETF, which is a fund that includes top tokens like Bitcoin, Ethereum, and XRP. Though that ETF hasn’t launched yet, SUI’s inclusion is a strong signal that institutional interest is building fast.
The numbers back it up. According to Glassnode, SUI’s open interest in the futures market has climbed to a record $1.2 billion – making it the sixth-largest crypto by futures OI, just behind Bitcoin, Ethereum, Solana, XRP, and DOGE.
SUI is currently trading near $3.95, holding above its 200-day moving average of $2.73. Its RSI is sitting around 66, a level that suggests strength but still leaves room to climb.
Crypto analyst Scient believes SUI is “forming a new base” and could see a fresh move in August. If it clears the $4.00 resistance zone, targets between $4.20 and $5.00 are in play. And if the ETF gains approval, a run toward $5.5 to $6.00 wouldn’t be out of the question.
This is a key moment for the Sui ecosystem. With not one but two ETF filings in motion, strong technicals, and rising futures activity, SUI is drawing real attention from both institutions and retail traders.
The SEC’s next steps could set the tone for what comes next. We’ll keep you updated!
The SEC has entered the formal “institution of proceedings” review stage for Canary’s spot SUI ETF application.
SUI futures open interest is at a record $1.2 billion, ranking it sixth among cryptos.
Analysts say SEC review marks serious consideration; approval could surge interest—especially with two ETFs in play.
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