SUI jumps 31% as Nasdaq-listed holder triggers ‘classic’ supply shock, before settling down to $1.29

SUI jumped about 31% after Nasdaq‑listed SUI Group moved 108.7m SUI into staking, tightening a float that’s already ~74% locked and sending open interest above $620m.

Summary

• Sui’s SUI token has spiked roughly 31% to about $1.40, driven by Nasdaq-listed SUI Group Holdings shifting its entire 108.7 million SUI stack — around 2.7% of circulating supply — from DeFi into direct staking.
• Open interest in SUI futures has surged from roughly $450 million to more than $620 million as traders pile into what some on Crypto Twitter are calling the “star of the next rally.”
• Veteran chartist Peter Brandt has flagged what he calls a “major bottom” on the weekly chart, saying SUI’s price will “trend substantially higher from current levels.”

SUI (SUI) ripped higher by about 31% over the last 24 hours to trade around $1.40, making it the day’s largest gainer among the top‑10 cryptocurrencies by market cap and the #1 trending coin on CoinGecko. The move follows a stretch of accumulation where, as one crypto.news story noted, Sui had already rallied roughly 40% to around $1.41 on May 10, with about $3.13 million in liquidations — nearly 90% from shorts — helping fuel a classic short squeeze.

SUI’s supply shock and open interest spike

The catalyst this time is overtly supply‑side. SUI Group Holdings, a Nasdaq‑listed company trading under ticker SUIG, disclosed on May 7 that it holds 108,728,129 SUI and has now moved “substantially all of it” into direct staking, an amount representing about 2.7% of circulating supply. An earlier analysis on MEXC described the same shift as a “supply shock loading,” noting that SUI’s daily yield on that stake is roughly 5,200 SUI at an annual rate near 1.8%, and that “volume backed the move” as price pushed through prior resistance around $1.08.

That matters because SUI was already heavily locked. According to research cited by Coinpedia, nearly 74% of total SUI supply is staked, meaning only a thin float remains available for active trading. The combination of another 2.7% of supply leaving DeFi liquidity pools, CME Group’s recent launch of SUI futures, and a $3 million SUI incentive program has created what one analyst described as “a clear, rational backdrop” for the latest upside move.

Brandt’s “major bottom” call and what history says

The technical backdrop is now catching up with the on‑chain story. Veteran trader Peter Brandt, known for his long track record in commodities and for calling Bitcoin’s 2018 crash, published an X post over the weekend calling SUI’s structure a “major bottom.” “This is a major bottom. Price will trend substantially higher from current levels,” Brandt wrote alongside a weekly chart, while a follow‑up piece added that this is his “first time bullish on SUI” and that the token sits at “an important bottom” from which it “could experience a sharp price increase.”

Brandt’s call aligns with several prior inflection points captured in crypto.news coverage, where SUI’s rallies have often followed a combination of strong fundamentals and futures‑market positioning. A 2024 story highlighted how SUI became the top gainer as open interest hit an all‑time high of $564 million, while another story traced a six‑month peak to USDC integration and surging on‑chain activity.

At the same time, past episodes underscore that supply can cut both ways. In April 2025, a crypto.news report warned that a $265 million SUI token unlock — about 74 million tokens, or 2.28% of circulating supply — could cap gains after a 61% weekly rally, a reminder that unlock calendars still matter even when staking reduces immediate float. For now, though, with approximately three‑quarters of supply staked, a Nasdaq‑listed treasury pushing another 108.7 million SUI into long‑term positions, and open interest jumping from roughly $450 million to over $620 million, the market is treating SUI as one of the clearest high‑beta plays on the next leg of the crypto cycle.

SUI’s supply shock and open interest spike

SUI ripped higher by about 31% over the last 24 hours to trade around $1.40, making it the day’s largest gainer among the top‑10 cryptocurrencies by market cap and the #1 trending coin on CoinGecko. The move follows a stretch of accumulation where, as one crypto.news story noted, Sui had already rallied roughly 40% to around $1.41 on May 10, with about $3.13 million in liquidations — nearly 90% from shorts — helping fuel a classic short squeeze.

The catalyst this time is overtly supply‑side. SUI Group Holdings, a Nasdaq‑listed company trading under ticker SUIG, disclosed on May 7 that it holds 108,728,129 SUI and has now moved “substantially all of it” into direct staking, an amount representing about 2.7% of circulating supply. An earlier analysis on MEXC described the same shift as a “supply shock loading,” noting that SUI’s daily yield on that stake is roughly 5,200 SUI at an annual rate near 1.8%, and that “volume backed the move” as price pushed through prior resistance around $1.08.

That matters because SUI was already heavily locked. According to research cited by Coinpedia, nearly 74% of total SUI supply is staked, meaning only a thin float remains available for active trading. The combination of another 2.7% of supply leaving DeFi liquidity pools, CME Group’s recent launch of SUI futures, and a $3 million SUI incentive program has created what one analyst described as “a clear, rational backdrop” for the latest upside move.

Brandt’s “major bottom” call and what history says

The technical backdrop is now catching up with the on‑chain story. Veteran trader Peter Brandt, known for his long track record in commodities and for calling Bitcoin’s 2018 crash, published an X post over the weekend calling SUI’s structure a “major bottom.” “This is a major bottom. Price will trend substantially higher from current levels,” Brandt wrote alongside a weekly chart, while a follow‑up piece added that this is his “first time bullish on SUI” and that the token sits at “an important bottom” from which it “could experience a sharp price increase.”

Brandt’s call aligns with several prior inflection points captured in crypto.news coverage, where SUI’s rallies have often followed a combination of strong fundamentals and futures‑market positioning. A 2024 story highlighted how SUI became the top gainer as open interest hit an all‑time high of $564 million, while another story traced a six‑month peak to USDC integration and surging on‑chain activity.

At the same time, past episodes underscore that supply can cut both ways. In April 2025, a crypto.news report warned that a $265 million SUI token unlock — about 74 million tokens, or 2.28% of circulating supply — could cap gains after a 61% weekly rally, a reminder that unlock calendars still matter even when staking reduces immediate float. For now, though, with approximately three‑quarters of supply staked, a Nasdaq‑listed treasury pushing another 108.7 million SUI into long‑term positions, and open interest jumping from roughly $450 million to over $620 million, the market is treating SUI as one of the clearest high‑beta plays on the next leg of the crypto cycle.