November is witnessing a significant wave of token unlocks from prominent cryptocurrency projects, including Aptos, Avalanche, and Hashflow, resulting in the release of over $320 million worth of tokens into the market.
Aptos, a layer-1 blockchain project led by former Meta executives, is set to experience the most substantial token unlock in terms of value, as reported by The Block on Wednesday.
Aptos is scheduled to release 24.8 million APT tokens on November 12, which accounts for approximately 10% of its circulating supply, with an estimated value of around $173 million.
The distribution breakdown includes $82.7 million for core contributors, $58.6 million for investors, $22.3 million for the community, and $9.3 million designated for the Aptos Foundation. This follows a smaller token release of 4.5 million APT tokens in October.
Avalanche is gearing up for a notable token unlock, with the release of 9.5 million of its native AVAX tokens scheduled for November 24. This accounts for 2.7% of the circulating supply, with an approximate total value of nearly $107 million.
The token distribution is allocated as follows: $50.4 million for the project’s team, $25.2 million for partners, $18.7 million for the Avalanche Foundation, and $12.6 million set aside for a potential airdrop.
Hashflow, a decentralized exchange (DEX) functioning across multiple blockchains, is poised to release 160.4 million of its HFT tokens on November 7. These tokens hold an approximate value of $41.3 million, representing almost 80% of the circulating supply.
The distribution breakdown includes around $16.1 million for early investors, $12.7 million for ecosystem development, $12.4 million for the core team, and $107,000 designated for community rewards. In addition, approximately $44,000 worth of HFT tokens is released daily for ecosystem development and to reward community members.
$450 million worth of crypto to be unlocked
In November, the crypto market is bracing for a substantial influx of unlocked tokens, with approximately $450 million worth of crypto tokens set to be released. These notable token unlocks have captured the attention of the crypto community, as they have the potential to trigger price fluctuations.
It’s worth noting that the outcomes of these releases could be influenced by the current bullish market conditions. Major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have witnessed significant gains, with BTC up 28% and ETH up 10% over the past 30 days. These positive market trends could impact how these token releases are received and their effects on prices.