Encryption | Morning Post | Aug 28
All SUI ETFs have been approved—yet the price still got smashed by 6 points.
This morning I glanced at the market: $BTC 80149 was up 1.6% over 24h, hovering around above 80k; $ETH 2506 was basically flat. BNB was up a tiny bit—711 micro-gains. But today’s real main character is $SOL : up 7% in a single day, surging to $109. The rest of the majors are all pretending—$SOL is the only one actually partying.
The most ironic part is SUI’s catalyst—Grayscale and Canary Capital’s ETFs have both launched. In theory, this is a huge positive. But the chart just immediately dumped 6%. I’ve been burned by this kind of thing before: buy the rumor, sell the news. Institutions load up on expectations, and when it actually lands, it’s the sell-off point. So when I see ETF approval, my first reaction isn’t to rally—it’s to check whether there’s a volume-backed dump.
My own take today: $BTC is likely still chopping around in the 80k range. If the direction isn’t clear, I’m not moving. For $SOL ’s independent move, let’s see if it can hold steady at 110 first. If the breakout fails, don’t chase.
What do you think—does $SOL ’s move look like a real breakout, or a bull trap? Drop your thoughts in the comments.
All SUI ETFs have been approved—yet the price still got smashed by 6 points.
This morning I glanced at the market: $BTC 80149 was up 1.6% over 24h, hovering around above 80k; $ETH 2506 was basically flat. BNB was up a tiny bit—711 micro-gains. But today’s real main character is $SOL : up 7% in a single day, surging to $109. The rest of the majors are all pretending—$SOL is the only one actually partying.
The most ironic part is SUI’s catalyst—Grayscale and Canary Capital’s ETFs have both launched. In theory, this is a huge positive. But the chart just immediately dumped 6%. I’ve been burned by this kind of thing before: buy the rumor, sell the news. Institutions load up on expectations, and when it actually lands, it’s the sell-off point. So when I see ETF approval, my first reaction isn’t to rally—it’s to check whether there’s a volume-backed dump.
My own take today: $BTC is likely still chopping around in the 80k range. If the direction isn’t clear, I’m not moving. For $SOL ’s independent move, let’s see if it can hold steady at 110 first. If the breakout fails, don’t chase.
What do you think—does $SOL ’s move look like a real breakout, or a bull trap? Drop your thoughts in the comments.