The SUI token made headlines after rising over 16%, significantly outperforming the broader market. This surge follows Grayscale’s announcement of the new Grayscale Sui Trust, which has likely boosted investor confidence in the token.
Bitcoin and Tech Stocks Rally Amid U.S. Inflation Data
While Bitcoin (BTC) climbed above $58,000 during the Asian trading hours on Thursday, the surge was driven by a rally in U.S. tech stocks and gains in Asian equities. Key companies like Nvidia (NVDA) saw an 8.2% jump, while major stocks like Microsoft (MSFT) and Google (GOOGL) climbed as high as 2.13%.
However, Bitcoin ETFs in the U.S. saw a reversal with outflows amounting to $43 million after a brief two-day inflow streak. Most of this was led by Ark Invest’s ARKB product, which lost $54 million.
Meanwhile, U.S. inflation data for August came in higher than expected, fueling speculation that the Federal Reserve may cut interest rates in the coming weeks.
Grayscale Sui Trust Drives SUI Token Growth
The SUI token surge appears to be tied to Grayscale’s Sui Trust announcement. According to Grayscale’s public info, each share of the trust holds 14.95 SUI tokens, valued at $0.90 per token. Since SUI’s market value currently stands just over $1, traders may be anticipating a potential Grayscale discount.
AI Tokens See Modest Gains
In other market news, AI tokens also saw positive movement. After Bloomberg reported OpenAI’s plans to raise $6.5 billion at a valuation of $150 billion, several AI-related tokens showed gains. NEAR Protocol (NEAR) jumped 6%, while the FET token, associated with the Artificial Superintelligence Alliance, rose 9%, trading above $1.40.
