Tonight at 20:00 (UTC+0), TIA will unlock approximately 176 million tokens, equivalent to 80.13% of the current circulating supply, valued at around $900 million. Taran, the founder of the STIX over-the-counter trading platform, stated that on-chain data can more accurately assess the impact of this unlock on the market.

TIA tokens have a 21-day unbonding period, which means that users wanting to trade on the unlock day have already started the unbonding process. According to statistics, after today’s unlock, approximately 92.3 million TIA will gain liquidity, becoming the sell limit in the spot market, equivalent to about $460 million. This actually accounts for only about half of the total unlocked amount, indicating that the selling pressure in the market is not as significant as previously anticipated.

The initially unlocked portion of tokens has been sold to over-the-counter buyers, who have also hedged risks through perpetual contracts, leading to a significant increase in TIA's open interest in recent months. It is expected that the short positions will gradually decrease, partially offsetting the selling pressure in the spot market. This cliff-like unlock may instead convey a bullish signal to spot buyers.

Celestia is one of the most actively traded assets in this cycle of over-the-counter trading. TIA has been very popular in the OTC market in the third and fourth quarters of this year, with STIX reaching a trading volume of $60 million since July, speculating that the real trading volume in the market may exceed $80 million (with STIX holding about 75% of the OTC market share). In any case, this unlock will bring a notable supply shock, and market volatility could be very pronounced.#下一BTC历史新高是多少？