Bitcoin Surges Amid Tech Stock Rally; Sui Token Outperforms Market

Bitcoin Surges Amidst Tech Stock Rally

Bitcoin (BTC) has seen a significant increase, climbing above $58,000 during the morning hours in Asia on the heels of a rally in U.S. technology stocks and positive movements in the Asian equity markets. However, it’s worth noting that spot bitcoin exchange-traded funds (ETFs) in the U.S. experienced a setback on Wednesday, seeing outflows after a brief period of inflows. The total loss amounted to $43 million, primarily driven by a $54 million outflow from Ark Invest’s ARKB product.

The U.S. inflation data released for August has reinforced expectations for a potential rate cut by the Federal Reserve in the near future, especially as core inflation rose more rapidly than anticipated, surpassing 0.3%. In the tech sphere, chipmaker Nvidia (NVDA) experienced a notable increase, closing the day up by 8.2%. Other major technology stocks, including Microsoft (MSFT), Google (GOOGL), and Apple (AAPL), also saw gains, rising as much as 2.13%.

This positive momentum extended to Asia on Thursday, with stock indices in Japan, South Korea, and Taiwan witnessing substantial growth. Japan’s Nikkei 225 index broke out of a seven-day losing streak, aided by a slight retreat of the yen after it hit a record high against the U.S. dollar on Tuesday.

Sui Token Outperforms the Market

In a remarkable development, layer-1 blockchain Sui (SUI) has made headlines on Thursday, outperforming the broader market by a significant margin, as it surged over 16%, according to data from CoinDesk Indices. In contrast, the CoinDesk 20 (CD20) index recorded a modest increase of just 1.67%. The impressive performance of SUI can be attributed to Grayscale’s recent announcement regarding the establishment of the Grayscale Sui Trust.

As per the information shared on Grayscale’s public page, the net asset value (NAV) per share of the Trust stands at $13.50, with each share containing 14.95 SUI tokens. This valuation implies that each Sui token within the Trust is valued at approximately 90 cents. Given Sui’s current market price of just over $1, it appears that the market may be gearing up for a potential Grayscale discount.

AI Tokens Show Modest Gains

In other developments, AI tokens have posted modest gains following a report from Bloomberg indicating that OpenAI is planning to raise an impressive $6.5 billion at a valuation of $150 billion. Among the notable performers, NEAR Protocol’s (NEAR) token has risen by 6%, while the Artificial Superintelligence Alliance’s FET token has seen a 9% increase, trading above the $1.40 mark.