October Token Unlocks: $3.42 Billion Set to Hit the Market
The crypto market is gearing up for one of its biggest token unlock events in 2024, with over $3 billion worth of tokens set to be released in October.
BeInCrypto has highlighted the top three unlocks that will introduce a substantial influx of assets into the market.
October Token Unlocks: What to Expect
Data from TokenUnlocks indicates that approximately $1.6 billion of this month’s token unlocks are classified as cliff unlocks. In the context of token unlock events, cliff refers to tokens set to release on a schedule that’s more periodic than daily, such as weekly, monthly, or yearly.
Since token unlocks introduce previously unavailable tokens into circulation, investors and traders closely monitor these events because they affect the market environment. While some view these events as growth opportunities, they also carry the risk of increased selling pressure.
“Uptober is just around the corner — Stay Informed, Not FOMO-Driven. With $3.46B in token unlocks scheduled for the month, it’s essential to keep a close eye on the market,” the Token Unlocks team wrote.
This month’s most significant cliff token unlocks include Celestia (TIA), Sui (SUI), Immutable (IMX), Aptos (APT), and Arbitrum (ARB).
Sui (SUI)
On October 1, Sui will unlock 64.19 million tokens. These tokens, worth approximately $106 million, account for 2.40% of its circulating supply. The distribution of these tokens will be as follows:
- Series A: 19.84 million SUI ($32.93 million)
- Series B: 19.32 million SUI ($32.07 million)
- Early contributors: 10.34 million ($17.16 million)
- Mysten Labs treasury: 2.07 million SUI ($3.44 million)
- Community reserve: 12.63 million SUI ($20.96 million)
Read more: Everything You Need to Know About the Sui Blockchain
Immutable (IMX)
Following Sui, Immutable will release 32.47 million IMX tokens on October 4. These tokens, worth roughly $59.10 million, translate to 2.02% of IMX’s circulating supply. They will be distributed to the ecosystem and project developments, with the details as follows:
- Ecosystem development: 15.91 million IMX ($28.96 million)
- Project development: 16.56 million IMX ($30.14 million)
Aptos (APT)
Aptos’ unlock on October 11 will see 11.31 million APT tokens enter the market. This figure equals 2.25% of APT’s total supply, with a total value of $96.25 million.
The distribution of these tokens will be as follows:
- Foundation: 1.33 million APT ($11.35 million)
- Community: 3.21 million APT ($27.32 million)
- Core contributors: 3.96 million APT ($33.69 million)
- Investors: 2.81 million APT ($23.90 million)
Read more: Where To Buy Aptos (APT): 5 Best Platforms for 2024
Arbitrum (ARB)
On October 16, Arbitrum will release 92.65 million ARB tokens, worth $61.90 million. This significant unlock represents 2.56% of ARB’s circulating supply. The distribution of these tokens will be as follows:
- Team, future team, and advisors: 56.13 million ARB ($37.50 million)
- Investors: 36.52 million ARB ($24.40 million)
Celestia (TIA)
Finally, on October 30, Celestia will unlock 175.56 million TIA tokens, valued at $1.12 billion. These tokens will be allocated to early backers and initial core contributors. The breakdown of this token unlock allocation will be as follows:
- Early Backers Series A&B: 65.01 million TIA ($414.76 million)
- Early Backers Seed: 52.47 million TIA ($334.76 million)
- Initial Core Contributors: 58.08 million TIA ($370.55 million)
Beyond these major unlocks, the market will also see cliff token unlocks from other notable projects in October, including Starknet (STRK), ZetaChain (ZETA), and ApeCoin (APE).
The post October Token Unlocks: $3.42 Billion Set to Hit the Market appeared first on BeInCrypto.