Open Interest in SUI Surges 92% Following Grayscale Launch

The cryptocurrency market is witnessing a notable upswing, and SUI has demonstrated considerable growth, reflecting strong investor interest and market confidence in its potential.

Over the past 24 hours, SUI’s open interest has surged by 92%, according to data from blockchain analytics platform CoinGlass. This spike in open interest suggests that more market participants, including both retail investors and institutional players, are actively engaging with SUI. 

SUI is trading at around $0.86, marking a 32% increase over the past day. Additionally, its trading volume has risen by 73% during this time, indicating a substantial increase in trading activity.

The Grayscale Sui Trust

SUI’s recent notable performance follows Grayscale’s announcement of their new investment product, the “Grayscale Sui Trust,” and the “Grayscale Bittensor Trust,” revealed on August 7, 2024.

The Grayscale Sui Trust is designed to invest in SUI, the native token of the Sui blockchain. This layer-1 blockchain is known for its ability to handle parallel transactions, which makes it particularly effective for scaling decentralized applications.

The new trust offering is available for daily subscriptions but is restricted to accredited investors and eligible individuals due to the high-risk nature of the investment. It operates similarly to Grayscale’s existing single-asset trusts, which focus on specific cryptocurrencies.

Focusing on Cutting-Edge Crypto Assets

Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, expressed excitement about the new products. She mentioned that Grayscale is pleased to include Bittensor and Sui in their product lineup. According to her, Bittensor is seen as crucial for the advancement of decentralized AI, while Sui is making significant changes in the smart contract blockchain space.

With the introduction of the Grayscale Bittensor Trust and Grayscale Sui Trust, Grayscale aims to provide investors with access to innovative tokens that are at the leading edge of the cryptocurrency market.