Bitcoin (BTC) rose over the weekend and briefly rebounded to $82,000 on Sunday, while Sui's price surged significantly due to institutional developments.
According to The Block's cryptocurrency price page, as of 9:30 PM Eastern Time on Sunday, Bitcoin rose 1.4% to $81,700. Earlier in the day, Bitcoin's price briefly surpassed $82,200, reaching its highest level since May 6.
“Bitcoin prices have surged past $82,000 due to accelerating institutional capital inflows, an improving macroeconomic environment, and sustained demand tightening supply,” said Dominick John, analyst at Zeus Research. “Meanwhile, progress on the CLEAR Act has boosted market sentiment for the long term.”
Last week, spot Bitcoin exchange-traded funds reported net inflows of $622.7 million, marking the sixth consecutive week of net inflows, according to SoSoValue. Data shows that over the past six weeks, these ETFs have attracted over $3.4 billion in net inflows.
Additionally, the U.S. Senate Banking Committee previously announced that it will hold a hearing on the CLEAR Act on May 14 to advance this highly anticipated bill, which has been stuck in legislative gridlock for months.
Ease geopolitical tensions
Geopolitical tensions in the Middle East have also eased, but uncertainties surrounding the U.S.-Iran conflict remain.
Andri Fauzan Adziima, Head of Research at Bitrue Research Institute, told The Block: “The current macro/geopolitical landscape for cryptocurrencies is generally supportive—relief in Middle East tensions has helped reduce short-term risk-off sentiment driven by oil and inflation concerns, while broader liquidity and stock market resilience provide a favorable backdrop, though uncertainty around Fed policy and persistent inflation remain points of concern.”
The United States and Iran have been discussing the possibility of extending the ceasefire agreement and ultimately ending the war, but negotiations have so far stalled. On Sunday, President Donald Trump rejected Iran’s latest proposal, calling it “completely unacceptable.”
However, analysts say that the current market momentum remains strong enough to push Bitcoin prices higher.
"With support from institutional inflows and technical breakthroughs, the upward price momentum appears strong enough in the short term to challenge the sustained resistance above the $80,000 to $82,000 range, but sustained buying pressure is needed for a clean breakout— a pullback to the $78,000 to $80,000 support level remains a healthy risk," said Adziima.
SUI breaks through
Meanwhile, according to The Block’s price data, Sui (SUI) has emerged as the top-performing altcoin today, rising 25% over the past 24 hours to $1.34.
Analysts believe that the sharp rise in cryptocurrencies was driven by multiple events surrounding Layer 1 blockchains.
Nasdaq-listed SUIG Group Holdings has recently announced that it has staked “nearly all” of its 108.7 million SUI tokens. Analysts note that this has significantly reduced the supply in the market.
Earlier this week, Nigeria-based fintech company Paga also announced a partnership with the Sui blockchain to launch tokenized assets for cross-border payments. Adziima from Bitrue added that recent Sui cryptocurrency futures launched by the CME Group have attracted regulatory attention.
Additionally, based on Sui Wen's DeepBook, its Predict feature will launch on May 5, enabling on-chain prediction markets; meanwhile, Mysten Labs co-founder and Chief Product Officer Adeniyi Abiodun announced that the blockchain will go live this year, along with private transactions.
Zeus analyst John said: "As confidential transactions progress and more ecosystem milestones are achieved, Sui is rapidly becoming one of the strongest Layer-1 growth stories of this cycle."