According to CoinDesk, Layer 1 protocol Aptos, founded by former Facebook employees, is set to release 20 million aptos (APT) tokens in November. Data from TokenUnlocks reveals that the impending APT unlock is worth $103 million at the token's current market price of $5.15 and represents more than 8.5% of Aptos' circulating supply of 235.02 million. Tokens are often locked to prevent early investors and project team members from liquidating their holdings all at once, which would significantly impact the market value.
Research firm The Tie states that APT's November unlock will provide substantial liquidity. The 20 million APT tokens to be unlocked are equivalent to $106 million and represent 112% of the average daily trading volume over the previous 30 days. These unlocks will occur monthly, coinciding with monthly staking reward unlocks. Additionally, since last year, 4.62 million APT have been unlocked monthly for community and foundation purposes.
The Tie noted earlier this year that unlocks that free up liquidity, or those that represent over 100% of the average daily volume, tend to weigh on prices. The latest positioning data from the perpetual futures market tied to APT indicates that crypto traders have become bearish on the cryptocurrency. Open-interest-weighted funding rates are now at their most negative since February, implying that shorts are paying longs to maintain their bearish bets. Open interest in token terms, representing the number of active contracts, rose to 5.33 million APT on Wednesday, reaching the highest level since August 17. An increase in open interest alongside negative funding rates suggests that leverage is skewed to the bearish side.
