- Aptos has a 24.8 million APT token unlock scheduled for December 12.
- The unlock represents 8.9% of Aptos’ circulating supply worth $195 million.
- Aptos on-chain metrics support a bearish outlook on APT price.
Aptos, a Layer 1 blockchain token, is heading towards a scheduled token unlock event. on Tuesday, December 12, 24.8 million APT tokens worth $195 million will be unlocked. The token unlock is a key event as it is likely to influence APT price.
Aptos token unlock scheduled for December 12
According to data from token.unlocks.app, 24.8 million APT tokens, which represent 8.9% of the token’s circulating supply, are scheduled for unlocking on December 12. The unlock is, therefore, a significant one. Of the unlocked tokens, the largest share is reserved for Core contributors of the project, 11.88 million APT.
APT token unlock. Source: token.unlocks.app
Aptos noted a similar unlock on November 12, a 20% decline in the asset’s price followed, within a week. If history repeats, the downside target for APT price woul be $6.76, a nearly 20% decline from the current price, as seen in the chart below.
APT/USDT 1-day chart
Alongside the upcoming unlock, the Layer 1 token’s on-chain metrics present a bearish outlook. Development activity, a key indicator for APT declined despite the token's price rise, between November 23 and December 11. There is a clear divergence between development activity and APT price, as seen in the chart below. This is considered bearish for APT price.
APT development activity and price Source: Santiment
Aptos volume shows a bearish divergence with APT price as well, supporting a bearish thesis for the Layer 1 token. As seen in the chart below, APT volume failed to increase to levels previously seen in August and October, despite APT rallying to $8.47 local top on December 8.
APT volume and price Source: Santiment
At the time of writing, Aptos price is $7.85 on Binance, the asset has declined nearly 7% in the past 24 hours as APT holders brace for Tuesday’s unlock.
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