In an unexpected twist during a typically bullish month for the cryptocurrency industry, the imminent release of a series of tokens this month poses a potential threat to the prevailing bullish sentiment. Approximately $200 million worth of various altcoins are set to enter the open market, potentially casting a shadow over the ongoing market rally.
Unlocking $200 Million in Cryptocurrency
According to Token Unlocks, a website that tracks token releases, approximately $200 million worth of various cryptocurrencies are scheduled for unlocking at different intervals throughout the year. These tokens encompass a range of projects, including SUI, Optimism, and Aptos’s APT, among others.
A screenshot shared on social media by Wu Blockchain (formerly on Twitter) displayed a list of tokens expecting substantial unlocks in October, detailing the percentage of the total supply they represent and their corresponding dollar values. Leading the list is SUI.
While SUI’s upcoming token unlock may not be the largest, it holds significant importance as it will be the first to occur this month, scheduled for October 3. This release will introduce 34.62 million SUI tokens, accounting for 4.37% of the total supply and valued at $17.11 million into the open market.
Following closely on October 7 is the Immutable X (IMX) token unlock, which will release an additional 1.55% of the total supply (18.08 million tokens) worth $10.91 million. Aptos is next in line on October 12, with 4.54 million APT tokens making up 1.91% of the supply and valued at $25.81 million.
On October 17, ApeCoin will unlock 15.6 million tokens, representing 4.23% of the total supply and having a value of $19.50 million, ranking it as one of the smaller releases in terms of dollar figures.
The most substantial release in terms of dollar value is the Axie Infinity token unlock, slated for October 20. This release will introduce 15.13 million tokens, accounting for 11.50% of the total AXS supply, with a dollar value of $71.24 million at current prices.
Last but not least, another Optimism OP token unlock is scheduled for October 30, introducing 24.16 million tokens into circulation. This represents 3.03% of the total supply, valued at $35.03 million.
In total, 31 cryptocurrency projects have planned token unlocks for October. Other notable but smaller releases include DYDX’s $4.51 million unlock, CYBER’s $6.87 million unlock, FLOW’s $3.44 million unlock, and Space ID’s $3.98 million token unlock.