The price of Sui (SUI) has taken a significant hit this week, plunging 14% after the U.S. Securities and Exchange Commission’s (SEC) delayed decision on its spot ETF application. This bearish trend follows a series of events impacting the ecosystem’s confidence. Despite some recovery attempts, Sui remains vulnerable as weak sentiment persists. The SEC delaying their decision has added to the uncertainty surrounding Sui’s future, further dampening investor confidence. 4% losses were already registered on Thursday, compounding earlier losses from the week. The token’s price has dipped towards its weekly lows of $3.06 following a significant sell-off triggered by the delayed SEC decision. The recent decline also coincides with the lingering effects of the Cetus Protocol hack, which led to a significant loss in value for Sui. The Cetus protocol, a core element of the Sui ecosystem responsible for token swaps and yield farming for over 62,000 users, was hacked on May 22nd for an estimated $223 million. This event has not only impacted its value but also raised concerns about the network’s decentralized nature due to validators freezing hacker wallets, a decision that sparked further skepticism from traders. Adding to the market’s instability is the broader downturn in the crypto space as major tokens like Solana, Dogecoin, Cardano, and Shiba Inu experienced double-digit losses last week. The combination of these factors has significantly weighed on Sui’s price performance this week.