Crypto Markets Under Pressure as $2B Worth of Altcoin Token Unlocks and $11B Bitcoin Distribution Loom

Bitcoin was lower by 2.5% to $61,500 late Wednesday, with solana and bitcoin cash each down more than 7%.

Cryptocurrencies are still stuck in a corrective phase, but a wave of supply events worth billions of dollars could further delay any meaningful recovery. "A rapid succession of nearly $2 billion of token unlocks during the next ten weeks could lower the market for altcoins," crypto analytics firm 10x Research noted in a Wednesday report.

Large token unlocks in crypto are usually bearish events, increasing supply by distributing assets that were previously locked up in vesting contracts to team members, organizations and early investors including venture capital firms. #tinytick