The SUI token, the native token of the Sui blockchain, has surged by 70% in the past week. This significant price increase is fueled by heightened investor enthusiasm following the introduction of new investment products from Sui by Grayscale in the United States.
Since August 8, SUI has climbed from its initial price of around $0.63 to a peak of $1.08 on August 12.
At the time of writing, SUI’s price has stabilized around $0.98, reflecting a 4% increase in the last 24 hours, according to data from CoinMarketCap.
This price surge is accompanied by a significant rise in daily trading volume, which has jumped by 131% to $78.2 million. This increase has also pushed SUI’s market capitalization to $2.5 billion, with a 4% rise.
SUI’s Open Interest Rises in the Derivatives Market
In addition to its strong performance in the spot market, SUI is also showing impressive results in the derivatives market, particularly in open interest. A rise in open interest often indicates that new capital is entering the asset, which can be a sign of sustained price momentum.
According to data from CoinGlass, SUI’s trading volume in the derivatives market has surged by 145% to $3.1 billion. Open interest in SUI has also skyrocketed from $57 million on August 7 to $256.3 million by August 13.
Some of the crypto exchanges recording the highest open interest in SUI include Binance, Bybit, OKX, and Bitget.
Grayscale Launches Investment Products Focused on SUI
According to The Block, on August 7, 2024, Grayscale launched the Grayscale Sui Trust and Grayscale Bittensor Trust simultaneously. The launch of these investment products has paved the way for institutional investors to gain exposure to SUI and TAO.
“We continue to provide products that are well-known to investors for accessing tokens at the forefront of the crypto ecosystem’s evolution by launching the Grayscale Bittensor Trust and Grayscale Sui Trust,” stated Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research.
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