Top 5 Upcoming Token Unlocks to Watch During Bitcoin Price Drop

The ongoing downtrend in the altcoin market continues to cause concern among investors. Investors’ anxiety has increased as upcoming token unlock events could have significant impacts on prices. In particular, token unlock events that some projects will hold in the near future could further intensify market dynamics.

The altcoin market has entered a period of anxiety as many projects prepare to release large amounts of tokens. Such events can increase volatility in an already weak market and push prices even lower. While Bitcoin’s drop below the $50,000 level has created caution among investors, the upcoming token unlocks complicate the situation even further.

GameFi industry standout ImmutableX plans to release 32.47 million IMX tokens worth approximately $39.29 million on August 9. This release equates to 2.11% of the circulating supply and could create selling pressure on the token. There are currently 448.62 million IMX locked, with 1.55 billion IMX in circulation.

Operating on the GameFi space on the Arbitrum network, Xai will release 35.88 million XAI tokens worth approximately $8.73 million on August 9. This amount corresponds to 6.90% of the circulating supply and could increase selling pressure. There are currently 999.35 million XAI locked up, compared to 500.40 billion XAI in circulation.

Ethena, known for its Ethereum spot ETFs, will release 14.89 million ENA tokens worth approximately $4.68 million on August 11. This release corresponds to 0.82% of the circulating supply and could lead to price drops depending on ETH’s performance. According to current data, there are 8.37 billion ENA locked and 1.34 billion ENA in circulation.

Ionet, a major player in the DePin sector, will release 2.11 million IO tokens worth approximately $3.81 million on August 11. This release corresponds to 2.22% of the circulating supply and could push prices down, especially with the DePin trend. There are currently 107.76 million IO tokens in circulation and 567.24 million IO tokens locked.

Aptos will release 11.31 million APT tokens worth approximately $63.22 million on August 11. This release equates to 2.41% of the circulating supply and could accelerate the price decline for Aptos investors who prefer to exit at market prices.

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