How the token unlocks event of this week impacts the market could show what to expect from the remaining unlocks.
- ENS and Aptos are part of the major projects unlocking tokens this week. About $1 billion is set to be unlocked.
July is poised for significant token unlock events, with approximately $1 billion worth of tokens scheduled to be unlocked this week. Given the recent volatility in the cryptocurrency markets, this week’s event takes on added significance.
Token unlock kickstarts
According to recent data from CryptoRank, this week marks the beginning of significant events in July, with about $1 billion worth of tokens set to be unlocked. The impact of each asset’s unlock on the total supply will vary, underscoring the need for careful analysis.
Earlier in the week, AMBCrypto reported that July would see approximately $3 billion worth of tokens released by different projects.
Possible impacts of the token unlock event
The potential market effects of these unlocks will largely depend on the actions taken by the recipients of these tokens. If many sell their assets immediately, it could increase market supply and decrease prices.
Conversely, if recipients hold onto their tokens, the anticipated increase in market supply might not materialize. This could potentially stabilize or even increase prices.
Furthermore, given the recent instability, these dynamics make the upcoming event a critical point of observation for investors and analysts alike.
Highlight of some major unlocks
According to recent data, significant unlock events are scheduled for this week involving prominent names like Aptos and Ethereum Name Service (ENS).
Specifically, Aptos is set to unlock approximately 11.33 million APT tokens. Also, these tokens represent about 2.50% of Aptos’s total market capitalization, and amount to roughly $66 million.
As of this writing, the market cap of Aptos was around $2.7 billion. Also, APT was trading at around $6.
Additionally, Ethereum Name Service (ENS) is scheduled to unlock its tokens on 8th July. This event will release 146 million ENS tokens, representing approximately 4.58% of the total supply.
The value of these tokens is estimated to be over $35 million.
Also, as of the latest data, the market capitalization of ENS was around $798 million. Furthermore, it was trading at over $25, marking an increase of more than 2%.
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