Michaël van de Poppe, the well-followed crypto analyst, says the Sui ecosystem is showing one of the market’s quickest recoveries, and the numbers back him up. In a recent post on X, he wrote that since the bottom SUI has rallied about 36% while Walrus (WAL) has climbed roughly 29%, calling the pair “assets that bounce back the strongest” during choppy market conditions. He pointed to two concrete developments behind the momentum: Walrus’s listing on Kraken for U.S. and Canadian investors, and the Securities and Exchange Commission’s approval of the first-ever 2x leveraged SUI ETF now trading on Nasdaq.
Traders watching the tape will see those moves reflected in price action. SUI is trading in the low-$1.60s on major venues after a sharp dip at the start of December that quickly reversed; the token registered a notable low on December 1 before spiking the next day, a classic liquidity sweep and bounce that technical traders often interpret as the market flushing weak hands and setting the stage for a new higher low. That volatility is visible in exchange records and market tickers, where SUI’s intraday swings have been above average in recent sessions.
Walrus’s move onto Kraken’s U.S. and Canadian platforms is more than symbolic. The exchange pages show WAL trading pairs and user-facing buy guides, and Kraken’s liquidity and fiat on-ramp can meaningfully broaden the investor base for a relatively new token. For retail and institutional buyers who prefer regulated U.S. venues, Kraken’s availability removes a usability hurdle and means more straightforward exposure to WAL without routing through smaller or international venues. Market feeds on the Kraken list WAL prices in both USD and CAD, showing that the token is now easily accessible to North American customers.
From Liquidity Sweep to Lift-Off
Perhaps the biggest structural change for SUI investors is the arrival of a leveraged ETF product. 21Shares launched a 2x leveraged SUI ETF, trading under the ticker TXXS on Nasdaq, after the SEC’s approval, giving market participants an instrument designed to deliver twice the daily return of SUI without holding the token directly.
The ETF’s listing is likely to increase institutional flow and make leveraged exposure simpler for traditional investors, but it also introduces an extra layer of complexity and risk: leveraged ETFs are aimed at short-term traders and can suffer from path dependency and daily compounding effects if held for longer periods. Analysts and risk managers will be watching fund flows closely to see whether the ETF becomes a sustained source of buying pressure or merely amplifies short-term volatility.
Putting the pieces together, van de Poppe’s read is straightforward: an initial liquidity sweep removed short-term stop-losses, on-exchange listings and a Nasdaq-traded leveraged ETF have widened the pool of potential buyers, and price action since the low points suggests the market may be searching for a new higher low as it consolidates gains. That narrative fits a market environment where liquidity and ease of access drive short bursts of price discovery, but it comes with the usual caveats: crypto remains sensitive to macro headlines, regulatory shifts, and concentrated token holdings that can accelerate moves in either direction.
For traders and observers, the near term will be shaped by whether SUI can hold the post-sweep support levels and whether Walrus’s broader access translates into sustainable order flow. The ETF listing is the most structural development, because if it attracts steady capital, it could materially change SUI’s market profile by pulling in allocators who previously could not or would not touch spot crypto directly.
At the same time, leveraged products can exacerbate selloffs during sudden corrections, so market participants should weigh the convenience against elevated risk. Van de Poppe closed his note optimistic but cautious, saying the ecosystem has “a strong bounce back, and now [is] ready to look for a new higher low” after the liquidity sweep earlier in December. Whether that higher low becomes a platform for a sustained uptrend will depend on fresh catalysts and how capital flows into both spot SUI and derivative-linked vehicles like TXXS in the days and weeks ahead.
