Nasdaq’s proposal to list a spot Sui ETF has sent the cryptocurrency market soaring, with the Sui token experiencing an 8% surge following the news. The move could pave the way for greater legitimacy and institutional involvement in cryptocurrencies in the U.S., potentially mirroring the success of Bitcoin and Ethereum ETFs. 21Shares’ proposed listing is anticipated to facilitate investment by institutions such as BitGo and Coinbase Custody, building on Nasdaq’s precedent-setting submission. This development marks a significant step towards legitimizing altcoin ETFs within the US regulatory framework, with analysts predicting potential price increases for Sui based on historical trends of regulated products boosting asset value. The proposal has sparked excitement in the market, with traders anticipating increased trading volume and market cap.