SUI Surges as Bitwise ETF Filing Meets BOJ Rate Turmoil

After the filing of the Bitwise spot ETF, SUI surged 4.5%. The Bank of Japan increased the rates to 0.75, which added volatility to world crypto markets. 

On Thursday, Bitwise Asset Management filed Form S-1 to the U.S. Securities and Exchange Commission, proposing the Bitwise Sui ETF. The product would follow the spot market price of the SUI token.  

SUI is the native currency of the layer-1 Sui blockchain. The announcement saw the token recovering its monthly lows of around $1.33, and at the time of release, the token was trading up 4.5%.  

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Can SUI Break Free From December’s Decline?

S-1 filing begins the formal ETF approval procedure. SEC normally releases comments within 30 days, and Bitwise will amend its filing accordingly. 

This review may be completed within 75 days with the Generic Listing Standards framework adopted in September. 

Earlier this year, Chairman Paul Atkins announced the Project Crypto initiative. In the past, individual 19b-4 approvals might require up to 240 days; the new structure eliminates those timescales on approved products.  

Race Heats Up Among Spot SUI ETF Contenders

Spot SUI ETF applications have been filed by three other issuers: Canary Capital, 21Shares and Grayscale. By December 21, a decision regarding the application of 21Shares should be made. 

In early December SEC approved a leveraged SUI ETF, and 21Shares 2x Long SUI ETF started trading on Nasdaq, returning twice the daily performance without any underlying tokens.  

Bitwise recently introduced SUI to its 10 Crypto Index ETF, trading on the New York Stock Exchange. Spot altcoin ETFs have been introduced on top of Bitcoin and Ethereum products.  

The Bank of Japan increased its benchmark rate by 25 basis points to 0.75%. CryptoRover on X argues that the real interest rates will be kept low. 

Source- CryptoRover 

The Japanese economy has performed moderately despite continued deficiencies. The growth in wages and inflation will persist at a moderate pace; the state of the labour market will be tense, and overall corporate profits will be high.  

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