TL;DR
- By October 2024, $1.3 billion worth of tokens will be unlocked on the market.
- Notable projects include Celestia, Sui and Aptos, with major releases scheduled.
- Investors should be on the lookout for potential impacts on cryptocurrency prices due to these unlocks.
October 2024 is shaping up to be a crucial month for the cryptocurrency market as one of the biggest token unlocks of the year is anticipated.
In total, over $3 billion worth of crypto assets will enter the market, with Celestia, Sui and Aptos leading the most significant launches according to TokenUnlocks reports.
This phenomenon will not only generate excitement among investors, but could also have a considerable impact on the prices of these assets.
The first project to execute its unlock will be Sui, which will release 64.19 million SUI tokens on October 1, equivalent to approximately $108 million and representing 2.4% of its circulating supply.
These tokens will be distributed among A and B round investors, early contributors, the Mysten Labs Treasury, and community reserves.
Anticipation of this unlocking has boosted the price of SUI, which has seen a remarkable 110% increase in the past month, driven in part by the announcement of the launch of the Grayscale Sui Trust and Circle’s upcoming USDC integration.
Next, on October 11, Aptos will release 11.3 million APT tokens, valued at about $91 million and constituting approximately 2.2% of its circulating supply.
Unlike SUI, APT has experienced some volatility in its price.
After peaking at $8.5 during a general market rally, the token has since dropped to around $7.9, suggesting that the market is adjusting to expectations of the unlock.
Celestia takes the cake in terms of volume, with an impressive 175.56 million TIA tokens unlocked, estimated to fetch approximately $1 billion.
Scheduled for October 30th, this unlock represents around 82% of its circulating supply and will go to early investors as well as key contributors.
The recent raising of $100 million in a funding round has brought its total to $155 million, which has also contributed to a rise in the token price.
Implications of token unlocking
Given the magnitude of these unlocks, investors should be alert to how they could affect the broader market.
The arrival of more than $3 billion in assets may generate selling pressure, especially if holders look to capitalize on their investments.
However, October is also known as “Uptober” in the crypto community, a month historically associated with upward trends in digital asset prices.
Analysts warn that while history suggests growth, the impact of the unlocks could be mixed, and it is crucial for investors to remain calm and not be swayed by impulsive decisions based on fear of missing out on opportunities.
Volatility can be high, and the focus should be on careful analysis of the market situation.
In this sense, staying informed about upcoming events and releases is essential for any cryptocurrency investor.
The community must be prepared to navigate an environment that could be affected by these significant market movements.
