Crypto Traders Grow Bearish as Aptos Plans $103M APT Token Unlock in November

Aptos, a Layer 1 protocol founded by ex-Facebook employees, volition merchandise 20 cardinal aptos (APT) tokens successful November, according to information root TokenUnlocks.

The impending APT unlock is worthy $103 cardinal astatine the token's existent marketplace terms of $5.15 and equals much than 8.5% of Aptos' circulating proviso of 235.02 million.

Tokens are often locked to support the large container holders – aboriginal investors and task squad members – from liquidating their holdings each astatine once, for specified an enactment would crater the marketplace value.

According to probe steadfast The Tie, APT's November unlock volition escaped up important liquidity.

"The important token unlocks for investors and main contributors are scheduled for Nov. 11. The corporate 20 cardinal APT (equivalent to $106 million) to beryllium unlocked past equates to 112% of the mean regular trading measurement implicit the anterior 30 days," The Tie's play newsletter dated Sept. 13 said.

"These unlocks volition instrumentality spot connected a monthly ground and volition coincide with monthly staking reward unlocks (5.83 cardinal APT oregon 32% of the regular mean volume, acceptable to summation to 6.15 cardinal APT successful December). Additionally, since past year, 4.62 cardinal APT person been unlocked monthly for assemblage and instauration purposes," The Tie added.

The research steadfast said aboriginal this twelvemonth that unlocks that escaped up liquidity, oregon those that correspond implicit 100% of the mean regular volume, thin to measurement implicit prices.

The latest positioning information from the perpetual futures marketplace tied to APT suggests crypto traders person grown bearish connected the cryptocurrency.

Open-interest-weighted backing rates are present astatine their astir antagonistic since February. A antagonistic complaint implies that shorts are paying longs to support their bearish bets open.

Open involvement successful token terms, representing the fig of progressive contracts, roseate to 5.33 cardinal APT connected Wednesday, reaching the highest since Aug. 17. An uptick successful unfastened involvement alongside antagonistic backing rates indicates that leverage is skewed to the bearish side.