Bitcoin Surges Above $58K During Tech Stock Rally, SUI Leads Way
Bitcoin surged past the $58,000 mark during trading in Asia, driven by a surge in U.S. tech stocks and positive movements in Asian equities. Despite this rise, U.S. spot bitcoin ETFs saw outflows, with Ark Invest’s ARKB witnessing a significant $54 million outflow.
AI tokens also saw slight gains following reports of OpenAI’s plans to raise $6.5 billion with a valuation of $150 billion. Bitcoin (BTC) climbed above $58,000 during the Asian morning session on Thursday, benefiting from the rally in U.S. tech stocks and the positive performance of Asian equities.
U.S. spot bitcoin exchange-traded funds (ETFs) experienced outflows after a two-day inflow streak, with a $43 million decline, primarily led by a $54 million outflow from Ark Invest’s ARKB product. Inflation data for August in the U.S. supported expectations of a Federal Reserve rate cut in the upcoming weeks, as core inflation exceeded 0.3%.
Chipmaker Nvidia (NVDA) closed the day with an 8.2% gain, while major tech stocks like Microsoft (MSFT), Google (GOOGL), and Apple (APPL) surged as much as 2.13%. The positive momentum extended to Asia, with stock indices in Japan, South Korea, and Taiwan showing strong gains. Japan’s Nikkei 225 index broke a seven-day losing streak as the yen slightly retreated from its record high against the U.S. dollar on Tuesday.
Meanwhile, layer-1 blockchain Sui (SUI) made headlines by outperforming the market, rising over 16% according to CoinDesk Indices data, compared to a 1.67% increase in the broader CoinDesk 20 (CD20) index. Grayscale’s recent announcement about opening the Grayscale Sui Trust likely contributed to SUI’s outperformance.
According to information from Grayscale, the NAV per share of the Trust stands at $13.50, with each share containing 14.95 SUI tokens, valuing each Sui token in the trust at 90 cents. With SUI’s current value slightly over $1, there appears to be a potential Grayscale discount in the market.
In other news, AI tokens saw modest gains, with OpenAI reportedly planning to raise $6.5 billion at a valuation of $150 billion. NEAR Protocol’s (NEAR) token rose by 6%, while the Artificial Superintelligence Alliance’s FET token increased by 9%, trading above $1.40.
