Aptos holders gear up for likely APT price decline ahead of $195 million token unlock
|- 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.
Also read: Synthetix price shows continued strength as SNX supply on exchanges drops
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.