Crypto | Morning Brief | October 13
Even an ETF listing can't save SUI. I'm really nervous this time.
I went to bed at 2 a.m. and woke up this morning to find the whole market in the red again.
$BTC is currently at 81,900, down 2.18% over 24 hours. The fight to defend 80,000 is on again. ETH is at 2,449, down 3.4%, following the market lower. $SOL is the worst hit, shedding nearly 5% in a day, from 113 straight down to 105.
But honestly, drops in major coins don't worry me that much. What really sends a chill down my spine are three signals:
First, $SUI got an ETF listing, with both Grayscale and Canary Capital launching one. Despite such major positive news, it fell 6% instead. Historically, when ETF hype gets priced in, that's never a good sign—the money has already left ahead of time.
Second, the biggest losers are all familiar names: STRK -29%, BOME -29%, BLUR -28%... This isn't a shakeout; it's a sell-off.
Third, futures liquidations are probably in the hundreds of millions. I'm feeling cautious myself and cut my long position in half today.
My take: stay on the sidelines for now. No adding to positions and no buying the dip. I'll wait for one of two signals—either $BTC climbs back above 84,000 on strong volume, or it drops again into the 79,000–80,000 range and finds support. I'll act once either scenario plays out.
Today, I'm watching just one thing: whether $SUI can stabilize around $2. That's the baseline for whether it can hold up after the ETF launch.
At this level, would you bet on a rebound or keep waiting? Let's talk in the comments.
Even an ETF listing can't save SUI. I'm really nervous this time.
I went to bed at 2 a.m. and woke up this morning to find the whole market in the red again.
$BTC is currently at 81,900, down 2.18% over 24 hours. The fight to defend 80,000 is on again. ETH is at 2,449, down 3.4%, following the market lower. $SOL is the worst hit, shedding nearly 5% in a day, from 113 straight down to 105.
But honestly, drops in major coins don't worry me that much. What really sends a chill down my spine are three signals:
First, $SUI got an ETF listing, with both Grayscale and Canary Capital launching one. Despite such major positive news, it fell 6% instead. Historically, when ETF hype gets priced in, that's never a good sign—the money has already left ahead of time.
Second, the biggest losers are all familiar names: STRK -29%, BOME -29%, BLUR -28%... This isn't a shakeout; it's a sell-off.
Third, futures liquidations are probably in the hundreds of millions. I'm feeling cautious myself and cut my long position in half today.
My take: stay on the sidelines for now. No adding to positions and no buying the dip. I'll wait for one of two signals—either $BTC climbs back above 84,000 on strong volume, or it drops again into the 79,000–80,000 range and finds support. I'll act once either scenario plays out.
Today, I'm watching just one thing: whether $SUI can stabilize around $2. That's the baseline for whether it can hold up after the ETF launch.
At this level, would you bet on a rebound or keep waiting? Let's talk in the comments.