Recently, a piece of news has attracted a lot of attention in the market—Bitwise has submitted an ETF application to the SEC containing 11 tokens, with SUI making the list. This is undoubtedly a significant endorsement for this new public chain.

SUI uses the Move language technology stack, similar to APT. Compared to the latter, SUI appears more lightweight in its system architecture—high transaction throughput, low gas fees, and no centralized issues like APT. Most importantly, the ecosystem of this chain has been steadily heating up recently, with DeFi projects and NFT applications launching one after another, and the on-chain locked asset scale also steadily increasing.

Where is the power of the ETF card? Once approved, traditional institutional investors will have a compliant way to allocate, without needing to open accounts or buy coins on exchanges themselves. Lowering this barrier significantly reduces the entry cost for institutional funds, potentially leading to substantial capital inflows.

However, the reality is that the SEC has always been cautious in approving cryptocurrency ETFs. Aside from Bitcoin and Ethereum, it’s rare to see other tokens get approval. Although SUI has made it onto the application list this time, whether it can ultimately pass remains uncertain.

In the short term, this news can indeed support upward price movement. But in the long run, the true development of SUI depends on the ecosystem’s genuine growth. If it’s just hype around the ETF concept and the ecosystem itself lacks sustained user growth and developer participation, then even if the ETF is approved in the end, the fundamentals will be lacking.

So a smarter approach is: closely monitor SUI’s on-chain data—growth trends in TVL, active user numbers, and the quality of application projects. If these indicators continue to improve, moderate allocation can be considered; if it’s just following the hype based on a single piece of news, it’s better to wait until the price adjusts to a more reasonable level before entering. Don’t let short-term enthusiasm lead your thinking astray.