Sui (SUI) surged over 10% in 24 hours, climbing from $3.44 to nearly $4.00 with trading volume exceeding $2.3 billion, as two major catalysts drove investor enthusiasm. First, the July 7 launch of tBTC – a decentralized Bitcoin derivative – on Sui marked a technical milestone, making it the first non-EVM chain enabling direct BTC minting. This integration funneled $500 million in Bitcoin liquidity into Sui DeFi protocols like Bluefin and AlphaLend within days, representing 10% of Sui's Total Value Locked (TVL).
Second, Nasdaq's 19b-4 filing for 21Shares' spot SUI ETF entered SEC review, following $300 million inflows into European Sui ETPs this year. Technical upgrades including WebAuthn passkeys and zkLogin authentication further bolstered accessibility, while Sui's parallel execution engine demonstrated capability for 297,000 transactions per second with 400ms tBTC settlement times.
TVL metrics showed significant growth, with one report citing a 200% year-to-date increase to $12.29 billion and another noting an 8.74% surge to a $2.2 billion peak. Despite trading 28% below January's $5.35 all-time high, derivatives data revealed overwhelming bullish sentiment: Binance long/short ratios hit 2.26 among top traders, and $864,000 in shorts were liquidated in four hours. Technical indicators suggest potential near-term consolidation near $4.00 resistance (RSI at 82), with analysts projecting $8-$10 targets if institutional momentum holds.