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Bitcoin Jumps Over $58K Amid Tech Stock Rally, SUI Outperforms
SUI outperformed the market, rising over 16%, possibly due to Grayscale's new Sui Trust announcement.
Updated Sep 12, 2024, 5:02 p.m. Published Sep 12, 2024, 6:10 a.m.
- Bitcoin surpassed $58,000 during Asian trading hours, influenced by a rally in U.S. tech stocks and positive movements in Asian equities.
- Despite the bitcoin price increase, U.S. spot bitcoin ETFs experienced outflows, with Ark Invest’s ARKB seeing a notable $54 million outflow.
- AI tokens posted modest gains amid reports that OpenAI is planning to raise $6.5 billion at a $150 billion valuation.
Bitcoin rose above $58,000 during the Asian morning hours on Thursday on the back of a rally in U.S. technology stocks and gains in the Asian equity market.
However, spot bitcoin exchange-traded funds (ETFs) in the U.S. slipped back to outflows on Wednesday, after a two-day inflow streak - losing $43 million led by a $54 million outflow from Ark Invest’s ARKB product.
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U.S. inflation data for August supported bets for a Federal Reserve rate cut in coming weeks as core inflation rose faster than expected to more than 0.3%.
Chipmaker Nvidia (NVDA) ended the day up 8.2%, while major stocks Microsoft (MSFT), Google (GOOGL) and Apple (APPL) jumped as high as 2.13%.
Gains spread to Asia on Thursday as stock indices in Japan, South Korea and Taiwan surged. Japan’s Nikkei 225 index broke out of a seven-day losing streak as the yen slightly retreated after a record high on Tuesday against U.S. dollars.
Meanwhile, layer-1 blockchain Sui (SUI) made waves on Thursday as the token beat the market, up over 16% according to CoinDesk Indices data, versus a 1.67% rise in the broader CoinDesk 20 (CD20) index.
SUI is likely outperforming the market because of Grayscale’s recent announcement about opening the Grayscale Sui Trust.
According to a public information page from Grayscale, the NAV per share of the Trust is $13.50, while each share has 14.95 SUI tokens in it, putting the value of each Sui token in the trust at 90 cents. Considering Sui’s current value of just over $1, the market seems to be setting up for a Grayscale discount.
Elsewhere, AI tokens posted modest gains as Bloomberg reported that OpenAI is planning to raise $6.5 billion at a valuation of $150 billion. NEAR Protocol’s token is up 6%, while the Artificial Superintelligence Alliance’s FET token is up 9% and trading above $1.40.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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