Sui worth down 14% in every week as ETF uncertainty and macro dangers harm sentiment

Sui has skilled extended bearish stress after the SEC determined to extend its determination on its spot ETF.

Sui (SUI) was down 4% on Thursday, compounding its earlier losses this week to 14%. Regardless of considerably recovering this week, the token continues to be underneath stress as weak sentiment plagues its complete ecosystem.

The newest blow for Sui got here within the type of an unfavorable determination by the U.S. Securities and Change Fee. On June 4, the SEC delayed its determination on the Canary Capital’s spot SUI ETF, triggering renewed uncertainty.

This introduced Sui down close to its weekly lows, to the $3.06 degree, which it noticed in the course of the Might 30 flash crash. On the time. On the time, Sui was down 20% in 24 hours, as unprecedented promoting quantity negated its temporary rally above $4.

Cetus Protocol hack nonetheless weighs on Sui worth

The $4 rally was negated attributable to lingering adverse sentiment from the Cetus Protocol hack. On Might 22, the core Sui-based protocol was exploited for an estimated $223 million. The hack had a big impact on the Sui token, attributable to its central function in its ecosystem.

Cetus Protocol enabled token swaps and yield farming for than 62,000 energetic customers. On the identical time, the protocol generated over $7.15 million in each day buying and selling charges. Nevertheless, the crew’s response to the hack had much more vital adverse results.

In response to the hack, Sui validators agreed to freeze hacker wallets. Nevertheless, whereas this response helped mitigate the results of the hack on customers, it additionally brought on vital considerations. Notably, merchants began questioning whether or not or not Sui is really decentralized.

Compounding these lingering pressures is the remainder of the crypto market, which was underneath stress final week. Main tokens, like Solana, Dogecoin, Cardano, and Shiba Inu, additionally noticed double-digit losses over the previous seven days.