- Crypto tokens worth $147 million are set to unlock in July 2023 according to data from TokenUnlocks.
- DYDX, APT, IMX, APE, AXS and OP rank among the largest unlocks, supply ranging from 0.50% to 1.50%.
- Token unlocks typically increase the circulating supply of crypto across exchanges, resulting in selling pressure on assets.
While Bitcoin and Ethereum prices reel from the intense selling pressure in the crypto market, altcoins are likely to bleed further in July. The Securities and Exchange Commission’s request for more information in spot Bitcoin ETF filings sent Bitcoin and Ethereum prices lower overnight on Friday.
Altcoins on the other hand, are likely to experience higher selling pressure from the upcoming token unlocks scheduled for July. Nearly $147 million in tokens of key projects like DYDX, ApeCoin, Aptos, Axie Infinity and Optimism are set to join the circulating supply within the following weeks.
Token unlocks to watch out for in July
According to data from intelligence tracker TokenUnlocks, a large volume of tokens from different DeFi projects are gearing up for unlock in July. While crypto market participants reel from the selling pressure and pullback in asset prices as a result of SEC crackdown, unlocks could intensify it further.
As seen in the chart below, DYDX, Aptos (APT) and Immutable (IMX) are set to unlock in the first half of July. A total of 29.13 million tokens of these three projects will be unlocked, at a value of $59.4 million.
These token unlocks range between 0.45% and 0.90% of the supply of the assets. Typically less than 1% unlocks have less negative impact on asset prices.
Token Unlocks in July
In the second half of July, ApeCoin (APE), Axie Infinity (AXS) and Optimism (OP) unlocks are lined up. These unlocks range from 0.5% to 1.5% of the asset’s supply, implying a significant impact on asset prices and a likelihood of higher selling pressure.
Crypto market participants need to watch out for sell the news events where prices of these tokens rally in the weeks leading up to the unlock, and a mass sell off takes place on the day of the event. Moreover, APE, AXS and OP are likely to be hit by a double whammy, the SEC’s clampdown and the token unlock event.
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