SUI’s price surged alongside $2.8 billion in daily volume, a sign that investors are responding to real developments, from Bitcoin-native lending protocols to the SEC’s ETF review window.
On July 14, Sui (SUI) jumped more than 10% in 24 hours, rising from a daily low of $3.44 to as high as $3.99 before paring gains to trade at $3.84 at press time, according to crypto.news data.
The sharp uptick, accompanied by $2.33 billion in 24-hour trading volume, comes as the broader crypto market rides a wave of bullish momentum. Still, SUI’s rally stands out for being grounded in platform-specific catalysts. Chief among them: the launch of Bitcoin-backed tBTC on Sui and rising confidence around a potential U.S.-listed SUI ETF, which recently crossed a key regulatory milestone.
Bitcoin liquidity, ETF momentum fuel SUI’s strength
Sui’s double-digit surge validates its evolving role in bridging Bitcoin’s liquidity with next-gen DeFi. The integration of tBTC, which went live on July 7, marks a technical breakthrough: Sui is the first non-EVM chain to enable direct minting of the Bitcoin-backed asset, bypassing the inefficiencies of wrapped tokens.
Early adoption has been telling, with $500 million in BTC liquidity funneled into Sui-native protocols like Bluefin and AlphaLend within days. For context, that’s equivalent to 10% of Sui’s total value locked (TVL) now being Bitcoin-denominated, a rare feat for non-Ethereum chains.
The ETF narrative adds institutional weight. Nasdaq’s 19b-4 filing for 21Shares’ spot SUI ETF, now under SEC review, follows $300 million in inflows to Sui-based ETPs in Europe this year.
While approval is not guaranteed, the filing signals that traditional finance is taking Sui’s unique proposition seriously. The network claims its object-centric model can process tBTC transactions in 400 milliseconds, a speed that could redefine Bitcoin’s utility in DeFi.
Beyond the hype: Sui’s technical edge
Grayscale’s recent report highlights why Sui is attracting capital while other Layer 1s stagnate. The network’s parallel execution engine handles 297,000 transactions per second, but more importantly, it distinguishes between simple transfers (like tBTC movements) and complex smart contracts, routing the former through a “fast path” for near-instant settlement.
This technical architecture matters because it allows Bitcoin holders to engage in lending or leveraged yield strategies without Ethereum’s latency or Solana’s congestion risks.
Developer activity further underscores the momentum. Sui’s TVL has grown over 200% year-to-date to $12.29 billion, with stablecoin volume hitting $110 billion in May alone, a sign that its infrastructure is being stress-tested for real-world payments.
Despite the recent rally, SUI remains 28.11% below its all-time high of $5.35 set in January. That gap reflects both the broader market correction and Sui’s unique supply dynamics: only 33% of its 10 billion token supply is in circulation, with the remainder locked until 2030.
But with tBTC live, an ETF in the regulatory pipeline, and institutional players like Grayscale spotlighting its tech, Sui is no longer just another “Ethereum killer.” It’s carving a niche where Bitcoin’s liquidity meets institutional-grade settlement, and for now, the market is rewarding that vision.
