SUI Price remains Stable Despite Coinbase Futures Listing
Despite Coinbaseās announcement of listing SUI futures on October 20, the SUI price has shown little movement. On September 30,SUI was trading at $3.23, down just 0.41% in 24 hours. This muted reaction contrasts with the usual exchange impact.
The listing of SUI futures could potentially enhance liquidity and boost its price. Though, traders are more focused on broader market trends and upcoming token unlocks. SUI is currently down 4.47% weekly.
A major unlock event on october 1 could add pressure to SUIās price. Around 44.25 million SUI tokens, valued at about $142.7 million, will enter circulation. This represents 0.44% of the total supply.
Insiders,including investors and core contributors,will receive these unlocked tokens. They are more likely to sell portions of their holdings, increasing the token supply in the market.
The altcoin market downturn is also affecting SUI. Over the week, SUIās price has decreased, reflecting a broader risk-off sentiment. Macro uncertainty, such as accelerating inflation, is making traders cautious about high-risk projects.
Wall Streetās involvement in SUI could further compound this effect. As a notable example, Sui Group, formerly Mill City Ventures, invested $450 million in SUI treasuries. As treasury companies diversify away from Bitcoin, altcoins like SUI become more exposed to macroeconomic factors.
