Major Token Unlocks in November: Aptos, Avalanche, Hashflow Take the Spotlight – Huge Sell-Off Incoming?
November is seeing a wave of token unlocks from leading crypto projects, including Aptos, Avalanche, and Hashflow, which will dump over $320 million worth of tokens on the market.
Among them, Aptos, a layer-1 blockchain project led by former Meta executives, will witness the most substantial token unlock in terms of value, a report from The Block from Wednesday said.
On November 12, Aptos will release 24.8 million APT tokens, equivalent to 10% of its circulating supply, valued at around $173 million.
The distribution includes $82.7 million for core contributors, $58.6 million for investors, $22.3 million for the community, and $9.3 million for the Aptos Foundation, and follows a smaller token release of 4.5 million APT tokens in October
Avalanche is also set for a significant token unlock, releasing 9.5 million of its native AVAX tokens on November 24.
This represents 2.7% of the circulating supply, with a total value of close to $107 million.
The distribution includes $50.4 million for the project’s team, $25.2 million for partners, $18.7 million for the Avalanche Foundation, and $12.6 million earmarked for a potential airdrop.
Lastly, Hashflow, decentralized exchange (DEX) that operates across multiple blockchains, will release of 160.4 million of its HFT tokens on November 7.
The tokens have a value of approximately $41.3 million, constituting nearly 80% of its circulating supply.
Early investors will receive around $16.1 million, while $12.7 million is allocated for ecosystem development, $12.4 million for the core team, and $107,000 for community rewards.
Additionally, approximately $44,000 worth of HFT tokens is released daily for ecosystem development and rewards paid out to community members.
$450 million worth of crypto to be unlocked
Including a number of smaller token releases from other projects, some $450 million worth of crypto tokens will be unlocked this month.
The significant token unlocks have the crypto community on high alert, given the potential such events have to lead to price fluctuations.
However, the current bullish market conditions could potentially impact these outcomes, with major coins such as Bitcoin (BTC) and Ether (ETH) now being up 28% and 10%, respectively, on a 30-day basis.