Grayscale Investments Provides a Bullish Outlook for the SUI Price, Which Is Currently Witnessing a Bull Run of Its Own

Asset manager Grayscale has provided a bullish outlook for the SUI price, which is currently witnessing a bull run of its own. The altcoin is already up over 50% this week

Asset manager Grayscale has provided a bullish outlook for the SUI price, which is currently witnessing a bull run of its own. The altcoin is already up over 50% this week, with analysts suggesting that this price rally could continue in the short term.

Grayscale has launched the Grayscale Sui Trust, which is now open to eligible accredited investors seeking exposure to the network’s native crypto. This move is significant as Grayscale will likely file to convert this fund to a spot ETF at some point, just like it has done with some of its other crypto funds.

However, this move is not surprising, considering that the asset manager has been a major proponent of cryptocurrencies and blockchain technology for several years now. Grayscale has also been at the forefront of the push for greater institutional investment in crypto, and the launch of the Grayscale Sui Trust is a natural progression of this effort.

Moreover, this move comes just a few weeks after Canary Capital filed to offer a VI blockchain ETF, which would track a basket of the largest cryptocurrencies by market capitalization. This move is significant as it could open the door for other asset managers to launch their own crypto ETFs.

The SUI price rallied over 70% this week, before a recent correction, partly thanks to this move from the asset manager. It is worth mentioning that Canary Capital has already filed to offer a Sui ETF, while other asset managers could also make a similar move soon.

The altcoin’s price has also surged this week thanks to its ecosystem’s expansion through the partnership with xPortal and xMone to introduce a virtual Mastercard. This move will boost SUI’s utility, as users pay for goods and services using the altcoin.

Meanwhile, the SUI price also boasts a bullish outlook thanks to the network’s total value locked (TVL) and DEX volume. The network’s TVL increased by 38% over the week while surging nearly 7% in a day to reach $1.641 billion.

Good morning! ☀️

Easily the best performing coin this week 🍇

SUI is now no. 10 on CoinGecko 🦎

Rising wedge breakout on SUI as we discussed. Next targets $4.796 and $6.116 🪤

Have a great week ahead! 🍀

— Rose (@CryptoDiviner) August 14, 2023

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