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Bitcoin surpassed $58,000 during Asian trading hours, influenced by a rally in U.S. tech stocks and positive movements in Asian equities.
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Despite the Bitcoin price increase, U.S. spot Bitcoin ETFs experienced outflows, with Ark Invest’s ARKB seeing a notable $54 million outflow.
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AI tokens posted modest gains amid reports that OpenAI is planning to raise $6.5 billion at a $150 billion valuation.
Bitcoin (BTC) 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.
US 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 (NEAR) token is up 6%, while the Artificial Superintelligence Alliance’s FET token is up 9% and trading above $1.40.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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