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Metaplanet stock price crashed another 12% on Wednesday, hitting the lows of 1,256 JPY as the Bitcoin holding firm kickstarts its “555 Million Plan” with an initial fundraise of $517 million. Over the past week, the stock has corrected nearly 26% from its 12-year high of 1,900 JPY attained last week. On the other hand,
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Canary Capital, an asset management firm, has registered a statutory trust for a Sui (SUI) exchange-traded fund (ETF) in Delaware.
The filing, submitted to the Delaware Division of Corporations on March 6, hints at the firm’s intention to launch an SUI ETF.
The registration is the first step before submitting an S-1 form to the US Securities and Exchange Commission (SEC). Additionally, the firm will need to submit a 19b-4 filing to the SEC through the exchange where the ETF will be listed.
Notably, Canary Capital is the first firm to pursue a SUI ETF. Yet, its ambitions extend beyond SUI.
The asset manager recently filed an S-1 registration statement for an Axelar (AXL) ETF. In addition, it is exploring funds tracking Litecoin (LTC), XRP (XRP), Solana (SOL), and Hedera (HBAR).
Amidst this, a Sui Network ambassador outlined the potential market impact of a SUI ETF, drawing comparisons to the success of Bitcoin (BTC) and Ethereum (ETH) ETFs. According to the ambassador, a SUI ETF could bring similar benefits.
“Even a slice of the interest that BTC/ETH ETFs saw could significantly boost Sui Network liquidity and market cap,” the post read.
He explained that SUI ETF could boost liquidity by offering a new trading platform for both crypto and traditional investors. Moreover, by holding actual SUI tokens, the ETF could reduce the circulating supply, potentially driving up the price.
The increase in liquidity and price would boost ecosystem growth, making it attractive for developers and institutional investors looking to capitalize on this momentum.
“Bitcoin and Ethereum are now “established.” A newer network like Sui offers higher risk but possibly higher reward, akin to investing in an emerging tech stock,” he wrote.
Nonetheless, the ambassador noted that institutions may be cautious with an SUI ETF. He cited volatility, liquidity, and regulatory uncertainty as potential concerns.
Furthermore, he claimed that regulatory approval may be difficult, as the SEC has scrutinized many altcoins as potential securities. Thus, he believes SUI could face the same fate, requiring market surveillance and clarity on its status. However, he acknowledged that these regulatory procedures could become more streamlined with President Trump now in office.
Interestingly enough, the filing comes just a day after President Trump-backed World Liberty Financial announced a partnership with the Sui blockchain. The partnership will focus on product development, with WLFI including the altcoin in its Macro Strategy reserve.
The post Canary Capital Sets SUI ETF in Motion with Delaware Filing appeared first on BeInCrypto.
Ethereum price shot up nearly 17% on April 22 and 23, but this optimism is dampened as crypto pundit outlines a potential correction to April 8 swing low of $1,380. This scenario is based on a key fractal that occurred in the past for ETH.
Ethereum (ETH) is down 2.26% today after a near-17% rally between April 22 and 23. The price currently trades at $1,754 after facing a stiff rejection at the 50-day Moving Average (MA). Analysts and traders’ expectation is a bearish short-term Ethereum price prediction before ETH bulls restart the uptrend.
As noted above, Ethereum price has hit the blue line at $1,819, which is the 50-day MA. Rejection from this level has led to a 2.26% correction today, which could extend depending on the current state of Bitcoin and the geopolitical tensions due to Trump’s tariffs.
Although the recent uptrend was impressive, the chances of a short-term correction are high. The Relative Strength Index (RSI) just above 50 is producing a top, hinting at a correction, aka a decline in bullish momentum. The lagging Awesome Oscillator (AO) is also approaching the zero line, with receding green histograms, indicating a decline in bearish momentum.
A spike in selling pressure here could drop ETH down to $1,600 which is the 16% rally’s origin.
According to crypto trader RektProof and his Ethereum price fractal, a potential correction that crashes ETH back to the April 8 low of $1,380 is also possible.
In a recent X post, crypto trader RektProof noted an Ethereum price fractal that had a similar uptrend that was followed by a steep correction. The crypto pundit adds “Being mindful with setups incase we start trading below.“
Although RektProof did not explicitly mention that ETH’s value will drop, he is considering the possibility of key levels to watch if the recent run-up may come undone.
In conclusion, the outlook for Ethereum price is bullish after a near-17% rally, but a potential correction could be incoming. A failure to hold the aforementioned support levels could lead to steep crashes.
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Crypto.com:- In a big move by the leading crypto Exchange, Crypto.com, it has announced a new copy trading feature – the Whales Basket for its Stocks & ETF trading segment. Launched exclusively in the US, the feature will allow its users and investors to mimic the strategies of legendary traders. Making the announcement via X post,
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