TokenUnlocks data shows Aptos, a Layer 1 protocol founded by ex-Facebook employees, will release 20 million APT tokens worth over $100 million this November.
The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day token unlocks data shows aptos the layer one protocol founded by Facebook employees will release 20 million A PT tokens worth over $100 million. This November tokens are often locked to keep the big bag holders from liquidating all their holdings at once. Unlocks usually correspond with price drops as investors try to sell ahead of what could be a flood of new tokens in the markets. The th weekly newsletter said that the unlock equates to 112% of the average daily trading volume over the prior 30 days. The research firm added that unlocks that represent over 100% of the average daily volume tend to weigh over prices. Meanwhile derivatives market data tied to a PT shows an uptick in open interest alongside negative funding rates. This could imply traders have grown bearish on the Cryptocurrency. That's a wrap for today's chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.