Grayscale Launches Bittensor & Sui Crypto Funds

Grayscale Investments, an asset manager popular for its single-asset crypto funds, has expanded its offerings with two new trusts: the Grayscale Bittensor Trust and the Grayscale Sui Trust. Designed to meet the growing demand for diversified crypto exposure, these funds are available to eligible accredited investors through private placement.

The Grayscale Bittensor Trust is solely invested in TAO, the native token of the Bittensor protocol, a decentralized AI platform that utilizes tokens to incentivize the development of open-source AI projects. Grayscale believes this trust will play a major role in the growth of decentralized AI.

Meanwhile, the Grayscale Sui Trust focuses on investing in SUI, the native token of the Sui protocol. Sui is a high-performance layer-1 blockchain and smart contract platform designed to enable globally scalable dApps.

Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, expressed excitement about these additions, highlighting Bittensor’s central role in decentralized AI development and Sui’s potential to redefine the smart contract blockchain landscape.

Both trusts are now open for daily subscription by eligible investors. These new trusts function like Grayscale’s existing suite of single-asset investment trusts. Each trust is among the first investment products solely invested in their respective tokens.

Grayscale intends to attempt to have shares of these new products quoted on a secondary market. However, there is no guarantee of success. The approval process involves various regulatory bodies, including the SEC and FINRA.

Technical analysis of SUI shows significant trends. The daily chart indicates that SUI is currently trading at $0.6358, with a recent high of $0.6504. The price is above the EMA of $0.6370, suggesting a potential upward momentum. The RSI is at 40.23, indicating that SUI is not yet overbought. On the weekly chart, the SUI token shows resistance around $1.50 and support near $0.50. The analysis indicates an uptrend and a downtrend channel, pointing to potential price movements.

Initially, the price was in a downtrend after its mainnet launch. However, it found strong support around the $0.50 mark. The price then started to consolidate, forming a base.

Source: X

A significant uptrend began around December 2023, following several key developments like the zkSend and partnerships with Alibaba Cloud. The price broke through the resistance at $1.00, reaching new highs.

In the months following, Sui’s price faced resistance and formed a downtrend channel. Despite the downturn, the support levels held firm around $0.60. Current indicators suggest a potential breakout from the downtrend, with possible upward movement targeting $0.80 and beyond.

If Sui can break the current downtrend, it may revisit the $1.00 resistance level. The next key support level remains at $0.50, which has historically held strong. This analysis suggests potential bullish momentum in the coming months, contingent on breaking the downtrend resistance.