Bitcoin (BTC) briefly surged to reclaim $82,000 on Sunday following a weekend rally, while Sui saw a notable price increase driven by institutional developments.
According to The Block's crypto price page, bitcoin rose 1.4% to $81,700 as of 9:30 p.m. on Sunday, ET. Earlier in the day, the cryptocurrency rose above $82,200, the highest level since May 6.
"Bitcoin hits $82,000 as institutional inflows accelerate, macro conditions improve, and persistent spot ETF demand continues to tighten supply," said Zeus Research Analyst Dominick John. "Meanwhile, progress on the Clarity Act is boosting long-term sentiment."
Last week, spot bitcoin exchange-traded funds reported $622.7 million in weekly net inflows, continuing their streak to six consecutive weeks of total inflows, according to SoSoValue data. During the six weeks, the ETFs have attracted a net inflow of over $3.4 billion.
Moreover, the U.S. Senate Banking Committee announced earlier that it will hold a markup hearing for the Clarity Act on May 14, advancing the much-anticipated bill that has been stuck in a legislative bottleneck for months.
Easing geopolitical tensions
Geopolitical tensions in the Middle East have also eased, though uncertainty surrounding the U.S.-Iran conflict persists.
"The current macro/geopolitical setup for crypto is cautiously supportive overall — easing Middle East tensions have helped reduce immediate risk-off spikes in oil and inflation fears, while broader liquidity and equity resilience provide a decent backdrop, though Fed policy uncertainty and sticky inflation remain watchpoints," Andri Fauzan Adziima, Research Lead at Bitrue Research Institute, told The Block.
The U.S. and Iran have been discussing a potential extension to the ongoing ceasefire and possible end of war, though negotiations have so far remained deadlocked. On Sunday, President Donald Trump rejected the latest proposal from Iran, calling it "totally unacceptable."
However, analysts said the current market momentum remains strong enough to drive the bitcoin price higher.
"The momentum does appear strong enough to challenge a sustained hold above the $80,000-$82,000 zone in the near term, backed by institutional flows and technical breaks, but it will need continued buying to clear resistance cleanly — pullbacks to $78,000-$80,000 support remain a healthy risk," Adziima said.
SUI breakout
Meanwhile, Sui (SUI) emerged as the clear outperformer among altcoins today, surging 25% in the past 24 hours to $1.34, according to The Block's price data.
The cryptocurrency's sharp rally was driven by multiple events surrounding the Layer 1 blockchain, according to analysts.
Nasdaq-listed SUI Group Holdings (SUIG) recently announced that it is staking "substantially all of" the company's 108.7 million SUI holdings. This removed a notable chunk of supply from the market, analysts noted.
Earlier in the week, Nigeria-based fintech firm Paga also announced a partnership with Sui blockchain to launch tokenized assets for cross-border payments. Bitrue's Adziima added that CME Group's recent launch of Sui crypto futures attracted regulated interest from institutions.
Additionally, Sui-based DeepBook launched its Predict feature on May 5, enabling onchain prediction markets, while Mysten Labs Co-founder and CPO Adeniyi Abiodun announced that the blockchain will launch confidential transactions later this year.
"With confidential transactions and more ecosystem milestones ahead, Sui is quickly emerging as one of the strongest Layer-1 growth stories this cycle," Zeus Analyst John said.