Bitcoin (BTC) surged past $58,000 during Thursday’s Asian trading hours, buoyed by a rally in U.S. technology stocks and strength in the Asian equity markets.
However, U.S. spot bitcoin exchange-traded funds (ETFs) saw a reversal in momentum on Wednesday. After two days of inflows, ETFs recorded outflows amounting to $43 million, largely driven by a $54 million outflow from Ark Invest’s ARKB product.
In August, U.S. inflation data fueled expectations of an imminent Federal Reserve rate cut, as core inflation rose by more than 0.3%, surpassing forecasts.
In the tech sector, chipmaker Nvidia (NVDA) closed with an impressive 8.2% gain, while major companies Microsoft (MSFT), Google (GOOGL), and Apple (AAPL) also saw stock increases, climbing as much as 2.13%.
The rally extended to Asia on Thursday, with stock indices in Japan, South Korea, and Taiwan posting strong gains. Japan’s Nikkei 225 index broke a seven-day losing streak as the yen eased slightly after hitting a record high against the U.S. dollar on Tuesday.
Meanwhile, layer-1 blockchain Sui (SUI) outperformed the market, rising over 16%, according to CoinDesk Indices data. This outpaced the broader CoinDesk 20 (CD20) index, which saw a 1.67% increase. Sui’s surge follows Grayscale’s announcement of the Grayscale Sui Trust. According to Grayscale’s public information, the trust’s net asset value (NAV) per share is $13.50, with each share containing 14.95 SUI tokens, pricing SUI at approximately 90 cents within the trust. Given Sui’s current market value of just over $1, a potential Grayscale discount may be forming.
Elsewhere, artificial intelligence (AI) tokens posted modest gains. Bloomberg reported that OpenAI is looking to raise $6.5 billion at a $150 billion valuation. NEAR Protocol (NEAR) rose 6%, while the Artificial Superintelligence Alliance’s FET token climbed 9%, trading above $1.40.
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