Aptos, a Layer 1 protocol founded by former Facebook employees, will launch a 20 million Aptos (APT) altcoin project in November, according to data source TokenUnlocks. Data from the derivatives market affiliated with APT shows that traders are bearish on the cryptocurrency. Here are the details…
Aptos launches millions of altcoin projects in November
The upcoming APT unlock is worth $103 million at the token’s current market price of $5.15, equal to more than 8.5 percent of Aptos’ circulating supply of 235.02 million. Tokens are often locked to prevent big purse holders (initial investors and project team members) from liquidating their holdings all at once, as such a move would reduce market value. According to research firm The Tie, APT’s unlocking in November will release a significant amount of liquidity. The following statements appeared in The Tie’s weekly newsletter:
Major token unlocks for investors and key contributors are scheduled to be unlocked on November 11. The collective 20 million APT (equivalent to $106 million) to be unlocked is 112% of the average daily trading volume over the previous 30 days. These locks will be unlocked monthly, with monthly staking reward unlocks (5.83 million APT, or 32% of the average daily volume). si will rise to 6.15 million APT in December) will coincide. In addition, 4.62 million APT per month have been unlocked for community and foundation purposes since last year.
APT funding rates fell
As Kriptokoin.com reported, the research firm said earlier this year that unlocks that release liquidity or represent more than 100% of average daily volume tend to put pressure on prices. The latest positioning data from the APT-affiliated perpetual futures market shows that crypto traders have become bearish on the cryptocurrency.
Open interest-weighted funding rates reached the most negative level since February. A negative odds means short takers are paying long takers to keep their bearish bets open. Open interest in the altcoin, which represents the number of active contracts, rose to 5.33 million APT on Wednesday, the highest level since August 17. Negative funding rates as well as increasing open interest indicate that leverage is in a downward trend. APT is currently trading at $5.17. It recorded an increase of 1.22 percent in the last 24 hours.
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