Unlocking US$900 million in cryptocurrencies could impact prices

Unlocking US$900 million in cryptocurrencies could impact prices
Unlocking US$900 million in cryptocurrencies could impact prices
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The cryptocurrency market is preparing for a significant cryptocurrency unlock, scheduled to take place in February, totaling US$900 million.

According to information from the Token Unlocks explorer, several cryptocurrencies and tokens, including Avalanche (AVAX), Aptos (APT), The Sandbox (SAND), Optimism (OP), and Sui (SUI), are about to have their assets released.

The main highlight is the unlocking of Avalanche, which will make 9.5 million AVAX tokens available, estimated at US$340 million according to the token’s current value. This unlocking represents 2.6% of the asset’s circulating supply. The distribution of these tokens will take place between members of the AVAX team, strategic partners, foundation and airdrops, starting February 21st.

Moving on in terms of volume, the Aptos (APT) cryptocurrency is scheduled to release 24.8 million tokens valued at US$230 million, representing 7.3% of its circulating supply. The distribution will be aimed at employees, investors, the community and the Aptos foundation itself, starting on February 11th.

The Wu Blockchain portal, with data compiled by journalist Colin Wu, highlights at least 16 cryptocurrencies and tokens that will be unlocked throughout February.

Unlocked Cryptocurrencies

The massive release of cryptocurrencies could have an impact on market prices. After all, when investors receive a substantial amount of tokens, there is the possibility of selling, putting downward pressure on prices, at least temporarily.

However, in the case of AVAX and APT, the trend is different. Contrary to expectations, there has been no significant selling pressure so far.

The Wu Blockchain portal highlights that, even as the unlocking of cryptocurrencies approaches, both AVAX and APT have experienced price increases.

According to data from TradingView, the price of AVAX rose 9% in the last 24 hours, reaching US$36 from the previous US$32. The APT, in turn, increased by 2.3%, rising from US$8.57 to US$9.29 in the same period.

These price movements follow the recent upward trend in Bitcoin (BTC), the market’s main currency, which has boosted the altcoin market in recent weeks.

The article is in Portuguese

Tags: Unlocking US900 million cryptocurrencies impact prices

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