Aptos to ‘Unlock’ $100 Million Worth of APT Token

Lavina Daryanani
Source: NewsBTC

Crypto unlocking is quite a common phenomenon where entities release specific amounts of frozen tokens. This is usually done to prevent early investors and project team members from selling in large numbers. Now, Aptos tokens worth more than $100 million are set to be unlocked in mid-November. The 20 million tokens represent around 10% of the circulating supply of APT.

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What to Expect from the APT Unlock

Crypto token unlocks are usually considered bearish catalysts because they free up liquidity and open doors for investors to lock in profits. According to research platform The Tie, the tokens that are supposed to be released weigh upto 112% of the average daily trading volume over the last 30 days. Any figure above 100% of the volume usually adds a burden on the price.

Source: CoinGecko

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According to data from Token Unlocks, only 82% of the tokens remain locked, while only 18% have been unlocked so far. A couple of days ago, on Sept. 12, 2023, 4.54 million APT tokens worth more than $23 million were unlocked. The price of the asset did not react outrightly. It noted minor positive deviations of 1.2%, and 3.1% over the last two days, and was down by 1% on the daily at press time.

Here, it is worth noting that the next Aptos unlock is not directly scheduled for November. Another similar 4.5 million unlock is scheduled to take place on Oct. 12, 2023. However, the November event will bear more impact on the ecosystem and the price of the asset, given the significantly high number of tokens involved.

Source: Token Unlocks

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As far as the short-term sentiment is concerned, traders have been placing more bullish bets than bearish bets on APT. This was reflected by the long:ratio reading above 1. However, the market conditions have not been quite supportive. Over the past 24-hours, the proportion of long trades wiped out was almost double that of the short trades. At press time, the token was seen exchanging hands around $5.19.

Source: Coinglass