Massive Token Unlocks Threaten Altcoin Market with Increased Supply Pressure

yesterday / 21:15

The cryptocurrency market faces a wave of token unlocks this week, with over 20 altcoins scheduled to release millions of dollars worth of tokens into circulation, potentially exacerbating recent price declines. This comes amid a mixed market performance, where Bitcoin dropped to a low of $98,860, and overall market capitalization fell to $3.4 trillion.

Key token unlocks include Linea (LINEA), which will unlock $32.49 million (16.34% of its market cap) on November 10 at 15:00 UTC+3, and StarkNet (STRK), releasing $19.34 million (2.81% of market cap) on November 15 at 15:00. Other significant unlocks feature Arbitrum (ARB) at $28.14 million (1.70% of market cap) on November 16, Aptos (APT) at $36.35 million (1.57% of market cap) on November 12, and Sei (SEI) with $21 million worth of tokens. High-impact unlocks also involve WalletConnect Token (WCT), releasing $16.38 million (70.50% of market cap) on November 15, and Nereus Token (NRS) at $2.60 million (51.13% of market cap) on November 11.

Additionally, Circle Internet's earnings report this week is under scrutiny, with analysts expecting revenue of $700 million last quarter, as its stock has plunged over 65% from all-time highs. USDC's growth has stalled, with transaction volume dropping 24% to $2.4 trillion and addresses falling 6% to 13.2 million in the last 30 days.