SUI ETF Progress: Canary’s Proposal Enters SEC Review as Futures Demand Hits $1.2B

The U.S. Securities and Exchange Commission (SEC) has advanced Canary Capital's application for a spot SUI ETF into its formal review phase, marking a critical milestone toward potential approval. Institutional interest surges as SUI futures open interest reaches $1.2 billion, ranking it as the sixth-largest cryptocurrency by derivatives volume.

Competition heats up with 21Shares submitting a rival SUI ETF proposal while collaborating with Sui Network to enhance institutional access. This follows the SEC's recent approval—though not yet launch—of Bitwise's crypto index ETF, which includes SUI among its components.

Analysts eye August as a potential breakout period, given the SEC's typical 45-90 day review timeline. Layer-1 blockchain tokens continue drawing institutional capital, demonstrated by Canary's March filing and subsequent Delaware registration.