The cryptocurrency market is preparing for one of its most significant token unlock events in 2024, with over $3 billion in tokens scheduled for release in October.
BeInCrypto has identified three major unlocks that are expected to bring a significant influx of assets into the market.
October Token Unlocks: What to Anticipate
According to data from TokenUnlocks, around $1.6 billion of this month’s token unlocks are categorized as cliff unlocks. In token unlock events, a cliff refers to tokens that are released on a less frequent basis than daily, such as on a weekly, monthly, or yearly schedule.
Token unlocks release previously inaccessible tokens into circulation, which is why investors and traders pay close attention to these events; they can significantly impact market dynamics. While some see these events as opportunities for growth, they also pose the risk of heightened selling pressure.
“Uptober is just around the corner — Stay Informed, Not FOMO-Driven. With $3.46B in token unlocks scheduled for the month, it’s crucial to monitor the market closely,” the Token Unlocks team wrote.
This month’s most notable cliff token unlocks feature Celestia (TIA), Sui (SUI), Immutable (IMX), Aptos (APT), and Arbitrum (ARB).
Sui (SUI)
On October 1, Sui will unlock 64.19 million tokens, valued at about $106 million, representing 2.40% of its circulating supply. The token distribution will be as follows:
- Series A: 19.84 million SUI ($32.93 million)
- Series B: 19.32 million SUI ($32.07 million)
- Early contributors: 10.34 million ($17.16 million)
- Mysten Labs treasury: 2.07 million SUI ($3.44 million)
- Community reserve: 12.63 million SUI ($20.96 million)
Read more: Everything You Need to Know About the Sui Blockchain
Immutable (IMX)
Following Sui, Immutable will unlock 32.47 million IMX tokens on October 4. These tokens, valued at around $59.10 million, account for 2.02% of IMX’s circulating supply. They will be allocated for ecosystem and project development, detailed as follows:
- Ecosystem development: 15.91 million IMX ($28.96 million)
- Project development: 16.56 million IMX ($30.14 million)
Aptos (APT)
Aptos will unlock 11.31 million APT tokens on October 11. This amount equates to 2.25% of APT’s total supply, with a total value of $96.25 million.
The distribution of these tokens will be allocated as follows:
- Foundation: 1.33 million APT ($11.35 million)
- Community: 3.21 million APT ($27.32 million)
- Core 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
Arbitrum (ARB)
On October 16, Arbitrum will unlock 92.65 million ARB tokens, valued at $61.90 million. This unlock comprises 2.56% of ARB’s circulating supply. The allocated distribution for these tokens is as follows:
- Team, future team, and advisors: 56.13 million ARB ($37.50 million)
- Investors: 36.52 million ARB ($24.40 million)
Celestia (TIA)
Lastly, on October 30, Celestia is set to unlock 175.56 million TIA tokens, valued at $1.12 billion. These tokens will be allocated to early backers and initial core contributors, with the distribution outlined as follows:
- Early Backers Series A&B: 65.01 million TIA ($414.76 million)
- Early Backers Seed: 52.47 million TIA ($334.76 million)
- Initial Core Contributors: 58.08 million TIA ($370.55 million)
In addition to these significant unlocks, the market will also witness cliff token unlocks from other prominent projects such as Starknet (STRK), ZetaChain (ZETA), and ApeCoin (APE) throughout October.
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