Sui Takes a 14% Nosedive Amid ETF Jitters and Macro Storm Clouds

Another week, another crypto casualty—Sui joins the red parade as ETF uncertainty and global risk-off sentiment hammer prices. Traders are voting with their sell orders, proving once again that 'digital gold' shines right up until Wall Street sneezes.

Macro fears meet crypto reality: When the big boys flinch, altcoins don't just dip—they faceplant. Meanwhile, the ETF approval circus rolls on, with Sui holders learning the hard way that regulators move at the speed of bureaucracy while markets move at the speed of panic.

Funny how these 'decentralized' assets still tremble before traditional finance's mood swings. Maybe Satoshi should've coded a 'print money' button after all.

Cetus Protocol hack still weighs on Sui price

The $4 rally was negated due to lingering negative sentiment from the Cetus Protocol hack. On May 22, the Core Sui-based protocol was exploited for an estimated $223 million. The hack had a significant effect on the Sui token, due to its central role in its ecosystem.

Cetus Protocol enabled token swaps and yield farming for than 62,000 active users. At the same time, the protocol generated over $7.15 million in daily trading fees. However, the team’s reaction to the hack had even more significant negative effects.

In response to the hack, sui validators agreed to freeze hacker wallets. However, while this reaction helped mitigate the effects of the hack on users, it also caused significant concerns. Notably, traders started questioning whether or not Sui is truly decentralized.

Compounding these lingering pressures is the rest of the crypto market, which was under pressure last week. Major tokens, like Solana, Dogecoin, Cardano, and Shiba Inu, also saw double-digit losses over the past seven days.