$200 Million Worth of Crypto Tokens Unlocked
In an unexpected development, the crypto industry is facing a potential threat to its recent bullish momentum. This is due to a series of token unlocks scheduled for this month, which will bring approximately $200 million worth of various altcoins into the market.
The token tracking website, Token Unlocks, has disclosed that these unlocks will occur at different intervals throughout the year. The tokens being unlocked include SUI, Optimism, Aptos’s APT, and others.
SUI Token Unlock Marks the Beginning
Although SUI’s upcoming token unlock is not the largest on the list, it holds significance as it will be the first unlock this month. On October 3, 34.62 million SUI tokens (equivalent to 4.37% of the total supply) worth $17.11 million will enter the open market.
Following shortly after on October 7 is the Immutable X (IMX) token unlock. This event will release another 1.55% of the total supply (18.08 million tokens) valued at $10.91 million. Aptos will follow on October 12 with 4.54 million APT tokens, accounting for 1.91% of the supply and worth $25.81 million.
Other Token Unlocks Scheduled
On October 17, ApeCoin will unlock 15.6 million tokens, representing 4.23% of the supply and valued at $19.50 million – the third-lowest among all unlocks.
The Axie Infinity token unlock, happening on October 20, holds the highest dollar value among all unlocks this month. With 15.13 million tokens (11.50% of total AXS supply), these tokens are worth $71.24 million at current prices.
Lastly, on October 30, another Optimism OP token unlock is scheduled. This unlock will bring 24.16 million tokens (3.03% of the supply) into circulation, with a value of $35.03 million.
Overall Token Unlock Landscape
A total of 31 crypto projects have planned token unlocks for October. Other noteworthy unlocks include DYDX’s $4.51 million, CYBER’s $6.87 million, FLOW’s $3.44 million, and Space ID’s $3.98 million.
Hot Take: Potential Impact on Market Momentum
The unlocking of around $200 million worth of crypto tokens this month poses a risk to the current bullish trend in the crypto market. As these tokens flood the open market, it could lead to increased selling pressure and potentially disrupt the upward momentum that has been experienced recently. Traders and investors should closely monitor the impact of these token unlocks on the overall market sentiment and be prepared for potential volatility in the coming weeks.
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