Despite a 4% price dip over the last 24 hours to $3.82, mirroring broader crypto market sentiment, Sui (SUI) is showing remarkable strength in key areas. After hitting a recent high of $4.40, the altcoin’s on-chain volume has remained exceptionally strong, even surpassing major competitors.
SUI Dominates Trading Volume
SUI’s trading volume for July reached an impressive $44.59 billion, outperforming the combined volume of Avalanche (AVAX), Hyperliquid (HYPE), and Near Protocol (NEAR) by $8 billion. This robust volume, spanning both centralized and decentralized exchanges, underscores SUI’s growing market acceptance. This surge is largely driven by evolving protocols like Cetus and the new BTCfi initiative.
BTCfi and DeFi Growth Fueling the Surge
A primary catalyst for SUI’s volume increase is its DeFi protocols now accommodating Bitcoin (BTC) through the groundbreaking BTCfi initiative. This allows Bitcoin to be used on SUI’s DeepBook for various activities, including providing liquidity, trading perps and options, leveraging, lending, and borrowing. This integration is set to introduce a significant amount of new liquidity to the SUI Layer 1 blockchain.
The Total Value Locked (TVL) on SUI has exploded by over 480% since January, reaching $2.295 billion by late July. When accounting for liquid staking, borrowings, and double-counted funds, the aggregate TVL hit an all-time high of $3.48 billion. Additionally, stablecoin activity remains robust, with a market cap of $1.036 billion and daily inflows of $2.36 million, signaling steady capital deployment.
Price Action and Derivatives Hint at Cautious Optimism
While SUI’s price is currently retesting the $3.61 zone after flipping the Ichimoku Cloud resistance, technical indicators like the Awesome Oscillator show modest bullish momentum, though sellers currently dominate the volume profile. The Money Flow Index (MFI) has dropped to 36.47, suggesting some capital outflow.
However, derivatives data paints a cautiously optimistic picture. The OI-Weighted Funding Rate remains positive, indicating that long traders are still paying short traders. Although Open Interest (OI) slightly dropped from $2.66 billion to $2.41 billion, it crucially remains above the $2 billion threshold, suggesting that significant institutional or whale interest persists despite the broader market correction.
July 2025, Cryptoniteuae
