Top 3 token unlocks worth $81 million this week: APT, APE, IMX

While the crypto market continues to stall, led by the largest cryptocurrency by market capitalization, Bitcoin (BTC), altcoins continue to suffer by association. Meanwhile, the Bitcoin mining narrative is setting camp, with institutions buying into the idea and market players hoping it will help drive BTC price to unprecedented highs.

Nearly $75 million in tokens of reputed projects Aptos (APT), ApeCoin (APE), and ImmutableX (IMX) are set to flow into the circulating supply.

Also Read: Bitcoin price heedless as institutions that know markets better than anybody wager on BTC mining

Token unlocks to monitor this week

Amid the anticipation, altcoins are likely to witness a surge in seller momentum from this week’s token unlocks. Aptos (APT) has just undergone its token unlocks on July 12, where up to $32.38 million was offloaded into the supply. The token currently indicates an 8% price slump on a seven-day timeframe and is currently auctioning for $7.07, down almost 1% in the last 24 hours.

With Aptos in the rearview mirror, IMX and APE are set to unlock on July 15 and 17, respectively. Between the two, a total of $42.62 million will be unleashed into the market, ranging between 1.7% and 4.2% of their individual supplies, respectively.

The next token unlocks sequel for Aptos is slated for August 12, just about a month from now, with the countdown already started, where 32.12% of the remaining supply will be unlocked.

Impact of token unlocks on price

Token unlocks, as the name suggests, is an event where tokens are released from a previous state of restriction. Notably, locked tokens are usually confiscated by the team behind the project and investors who cannot sell or transfer them until on an agreed date determined by certain conditions being met.

The main advantage of token unlocks is that it offers greater liquidity and flexibility to the investors, making it possible for them to sell or transfer their tokens at will. Nevertheless, investors should be aware that unlocking tokens often comes with increased volatility and price instability, especially if large investors decide to offload their tokens at once.

Accordingly, investors should not be surprised if they see huge fluctuations in Aptos price today and later in the week for both ApeCoin and ImmutableX.