Sui's Rollercoaster Ride: Bearish Pressure Mounts After SEC Delays ETF Decision

Hang on tight, crypto fans! Sui (SUI) is taking a wild ride as bearish pressure keeps piling on after the SEC decided to throw a wrench in the works by delaying its decision on a spot ETF.

Sui took a 4% hit on Thursday, adding to its already brutal 14% losses this week. Sure, it tried to bounce back a bit, but the token is still feeling the heat as the entire ecosystem is caught in a whirlwind of weak sentiment.

The latest gut punch for Sui came straight from the U.S. Securities and Exchange Commission. On June 4, those regulators pulled the rug out from under Sui by delaying their decision on Canary Capital's spot SUI ETF, sending shockwaves of uncertainty rippling through the market.

This brutal news sent Sui crashing down near its weekly lows, all the way to $3.06. That's a level it hasn't seen since the May 30 flash crash, when Sui got slammed with a 20% drop in just 24 hours as selling volume went through the roof and wiped out its brief rally above $4.

Cetus Protocol Hack Still Weighing Heavy on Sui's Shoulders

Remember that $4 rally? Yeah, well, it got totally obliterated by the lingering bad vibes from the Cetus Protocol hack. On May 22, this core Sui-based protocol got hit hard, with hackers making off with an estimated $223 million. Ouch! That hack hit Sui right where it hurts, given its central role in the ecosystem.

Cetus Protocol was a big deal, enabling token swaps and yield farming for over 62,000 active users while raking in a cool $7.15 million in daily trading fees. But the team's response to the hack? That's what really sent things spiraling out of control.

In a desperate bid to stop the bleeding, Sui validators agreed to freeze those hacker wallets. Sure, it helped soften the blow for users, but it also raised some serious red flags. Traders started wondering if Sui is really as decentralized as it claims to be.

And if all that wasn't enough, the rest of the crypto market was getting hammered last week, too. Big names like Solana, Dogecoin, Cardano, and Shiba Inu all took double-digit hits over the past seven days. Buckle up, folks, because it's gonna be a bumpy ride!