The crypto market is gearing up for one of its biggest token unlock events in 2024, with over $3 billion worth of tokens expected to be released in October.
BeInCrypto has highlighted the top three unlocks that will introduce a substantial influx of assets into the market.
October Token Unlock: What to Expect
Data from TokenUnlocks indicates that approximately $1.6 billion in token unlocks this month are classified as cliff unlocks. In the context of token unlock events, cliff refers to tokens whose release is set on a more periodic schedule than daily, such as weekly, monthly, or yearly.
Since token unlocking brings previously unavailable tokens into circulation, investors and traders closely monitor these events as they affect the market environment. While some view these events as growth opportunities, they also carry the risk of increased selling pressure.
“Uptober is just around the corner – Stay informed, not focused on FOMO. With $3.46 billion in token unlocks planned for the month, it is essential to keep a close eye on the market,” the Token Unlocks team wrote.
This month’s most significant cliff token unlocks include Celestia (TIA), Sui (SUI), Immutable (IMX), Aptos (APT), and Arbitrum (ARB).
Sui (SUI)
On October 1, Sui will unlock 64.19 million tokens. These tokens, worth approximately $106 million, represent 2.40% of its circulating supply. The distribution of these tokens will be as follows:
- Series A: SUI19.84 million ($32.93 million)
- Series B: SUI19.32 million ($32.07 million)
- Top contributors: 10.34 million ($17.16 million)
- Mysten Labs cash flow: SUI 2.07 million ($3.44 million)
- Community reserve: SUI 12.63 million ($20.96 million)
Read more: Everything you need to know about the Sui blockchain
Immutable (IMX)
After Sui, Immutable will release 32.47 million IMX tokens on October 4. These tokens, worth approximately $59.10 million, represent 2.02% of IMX’s circulating supply. They will be distributed to the ecosystem and project developments, with the following detail:
- Ecosystem development: IMX 15.91 million ($28.96 million)
- Project development: IMX 16.56 million ($30.14 million)
Aptos (APT)
The unlock of Aptos on October 11 will see 11.31 million APT tokens enter the market. This figure equates to 2.25% of APT’s total supply, for a total value of $96.25 million.
The distribution of these tokens will be as follows:
- Foundation: 1.33 million APT ($11.35 million)
- Community: 3.21 million APT ($27.32 million)
- Main contributors: 3.96 million APT ($33.69 million)
- Investors: 2.81 million APT ($23.90 million)
Read more: Where to Buy Aptos (APT): 5 Best Platforms for 2024
Arbitration (ARB)
On October 16, Arbitrum will release 92.65 million ARB tokens, worth $61.90 million. This significant release represents 2.56% of ARB’s circulating supply. The distribution of these tokens will be as follows:
- Team, future team and advisors: 56.13 million ARB ($37.50 million)
- Investors: 36.52 million ARB ($24.40 million)
Celestia (TIA)
Finally, on October 30, Celestia will unlock 175.56 million TIA tokens, worth $1.12 billion. These tokens will be awarded to early backers and major initial contributors. The distribution of this token unlock allocation will be as follows:
- Early Backers, Series A and B: TIA 65.01 million ($414.76 million)
- Seed from early backers: 52.47 million TIA ($334.76 million)
- Initial major contributors: TIA 58.08 million ($370.55 million)
Beyond these major unlocks, the market will also see the unlocking of cliff tokens from other notable projects in October, including Starknet (STRK), ZetaChain (ZETA), and ApeCoin (APE).
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