Bitcoin Jumps Over $58K Amid Tech Stock Rally, SUI Outperforms

Sui (SUI) has outperformed the broader market, climbing more than 16%, likely fueled by Grayscale’s announcement of the Grayscale Sui Trust.

Bitcoin (BTC) also saw significant gains, surpassing $58,000 during Asian trading hours, driven by a rally in U.S. tech stocks and positive movements in Asian equities. Despite this upward momentum for Bitcoin, U.S. spot bitcoin exchange-traded funds (ETFs) faced outflows, with Ark Invest’s ARKB experiencing a notable $54 million withdrawal, contributing to a total loss of $43 million in ETF assets on Wednesday.

U.S. inflation data for August, which revealed a faster-than-expected rise in core inflation, has bolstered expectations for a potential Federal Reserve rate cut in the near future. Among the tech stocks, Nvidia (NVDA) surged 8.2%, while giants like Microsoft (MSFT), Google (GOOGL), and Apple (AAPL) saw increases of up to 2.13%.

The positive sentiment extended to Asian markets, with stock indices in Japan, South Korea, and Taiwan seeing strong gains. Japan’s Nikkei 225 index ended a seven-day losing streak, aided by a slight retreat of the yen after reaching record highs against the U.S. dollar.

Meanwhile, the surge in SUI’s value can be attributed to Grayscale’s recent announcement regarding the Grayscale Sui Trust. According to Grayscale’s public information, the net asset value (NAV) per share of the trust is $13.50, with each share containing 14.95 SUI tokens, valuing each Sui token at about 90 cents. Given Sui’s current market value of just over $1, this suggests a potential discount that could be appealing to investors.

In addition, AI tokens experienced modest gains following reports that OpenAI plans to raise $6.5 billion at a $150 billion valuation. NEAR Protocol’s (NEAR) token rose 6%, while the Artificial Superintelligence Alliance’s FET token increased by 9%, trading above $1.40.