Trader Eugene: Recently, there has been a strong momentum in SUI or possibly early positioning, and the specific impact is quite challenging to quantify

On July 29th, Trader Eugene Ng Ah Sio posted on his personal channel, expressing his personal belief that the recent strong price performance of SUI might be related to insider positioning in the "SUI Treasury News" trading (though the extent of the impact is hard to quantify). In view of this assessment, although he doesn't think this will form a significant bearish signal, due to the inability to accurately assess how much of the market has already anticipated this news in advance, he has decided to take profits and close his long position. BlockBeats previously reported that today, the non-bank loan company and financial firm Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced that it has entered into a securities purchase agreement to invest in publicly traded equity in a private placement transaction. It purchased and sold 83,025,830 shares of common stock at a price of $5.42 per share, with an expected total proceeds of approximately $450 million (after deducting placement agent fees and other issuance expenses). The company plans to use approximately 98% of the net proceeds from the private placement to acquire the native token SUI of Sui Blockchain and approximately 2% of the net proceeds to support the company's short-term lending business. SUI will serve as the company's primary financial reserve asset.