Despite the unlocking of 4.54 million APT tokens, worth nearly $32 million, on Wednesday, prices of Aptos’ native token APT remained steady at around $7. According to data from TokenUnlocks, tokens worth $22.5 million were distributed to the community members, with Aptos foundations receiving $9.4 million in tokens. Token unlocks are typically bearish, as they free up liquidity and open doors for potential profit-taking by those who receive coins as a part of the unlock.
Despite the unlock amounting to 2.2% of the token’s total supply of 210.41 million, and the dollar value of the unlock being nearly 38% of APT’s average 30-day trading volume, APT is trading flat, at around $7, extending its recent trading range of $6.8 to $7.3. Market analyst Ton Dunleavy believes this could be due to Aptos’ proposed plan to enhance the blockchain’s capabilities to handle tokenized securities like tokenized real estate and in-game currencies. Additionally, APT’s continued sideways trend is consistent with the market leader, Bitcoin’s (BTC) rangebound trading, ahead of the crucial U.S. inflation report.
Traders now expect a volatility explosion in Bitcoin, which could feed into APT and other altcoins.