According to CryptoRank Platform, the cryptocurrency market is about to witness seven substantial token unlocks this week. The first is scheduled for September 12, when the blockchain platform Aptos will release $24.8 million worth of APT into circulation.
Events of this type could impact market liquidity and trading volume, thus spurring a price decline for the assets.
The biggest such development will happen on September 16, with BitDAO unlocking over 172 million BIT tokens. Calculated at current rates, this amount equals more than $70 million.
Other notable unlocks include $53.5 million worth of APE on September 17 and $36 million in UNI coming on the following day.
Top 7 Token Unlocks of the Upcoming Week 🔓
The following tokens with the largest unlock amount will be unlocked next week:
— CryptoRank Platform (@CryptoRank_io) September 9, 2023
While token unlocks are typically considered bearish events as they represent the increase in circulating supply, this is not always the case.
As CryptoPotato reported, the cryptocurrency platform Avalanche unlocked 9.54 million AVAX coins at the end of August. Unlike some expectations, the asset’s valuation went up in the following days, reaching nearly $11.
Almost the same thing was observed in May this year after Avalanche’s previous token unlock. AVAX plunged slightly in the hours after the disclosure but then headed north.