Sui (SUI) loses ground by nearly 2% at press time on Wednesday, extending the pullback for the third consecutive day. The downside risk escalates for Sui as its Open Interest declines ahead of a 44 million token unlock on Friday. The technical outlook suggests a bearish tilt and, if the recent downtrend persists, the token could potentially test the 50-day Exponential Moving Average (EMA) at $3.49.
Bitcoin (BTC) has been trading sideways between $116,000 and $120,000 for more than two weeks. Despite the lack of a clear price direction, corporate and institutional demand remained strong, with Strategy (MSTR) adding nearly 21,000 additional BTC and fresh inflows in the spot Bitcoin Exchange Traded Funds (ETFs).
The crypto market cap has retreated another 0.7% over the last day to $3.87 trillion, maintaining a cautious stance ahead of an extremely busy second half of the week in terms of macroeconomic news. This impact is the result of the cryptocurrency market being saturated with institutional players who play by the usual rules.