SUI price wavers as token unlock event outweighs Coinbase futures listing
SUI price barely moved despite the Coinbase futures listing, a muted reaction compared with the typical exchange effect.
- Coinbase announced that SUI futures will go live on October
- Despite the news, the SUI price barely moved
- SUI trades down 4.47% weekly, ahead of the major unlock event
The SUI price is facing an uphill battle despite listing tailwinds. On Tuesday, Sept. 30, SUI was trading at $3.23, down 0.41% in 24 hours, after Coinbase announced it would list SUI futures contracts on Oct. 20.
The move would give users regulated access to trading SUI and could improve liquidity and boost its price. However, despite the announcement, the SUI price barely moved, with traders instead focusing on broader bearish trends and upcoming token unlocks.
For one, SUI faces a major unlock event, which will likely add downward pressure on its price. On October 1, 44.25 million Sui (SUI) tokens, worth about $142.7 million, will enter circulation, corresponding to 0.44% of the total supply.
The unlocked tokens will go to insiders, including investors and core contributors. Insiders and major holders are typically more likely to sell portions of their holdings, which could create an excess supply of the token in the market.
Sui takes a hit on the altcoin downturn
General market trends are also not in SUI’s favor. Over the week, the SUI price was down 4.47%, reflecting a broader risk-off sentiment hitting altcoins in general. Macro uncertainty, including accelerating inflation, is making traders less inclined to bet on high-risk, high-reward projects.
This effect will likely compound with increased Wall Street involvement in SUI. For example, Nasdaq-listed Mill City Ventures (now rebranded as Sui Group) pivoted to SUI treasuries with a $450 million private deal in late July. However, as treasury companies diversify away from Bitcoin, altcoins like SUI also find themselves more exposed to macroeconomic effects that Wall Street typically factors into investment decisions.
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