Key Takeaways
October 2024 will feature one of the largest token unlocks this year.
Key unlocks include Celestia, Sui, and Aptos.
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Numerous crypto projects are scheduled for token releases next month, with Celestia (TIA), Sui (SUI), and Aptos (APT) experiencing the largest unlocks. According to data from Token Unlocks, these projects will distribute around $1.3 billion to ecosystem participants.
64.19 million SUI tokens
Sui will kick off the month with 64.19 million SUI tokens unlocked on October 1, equivalent to around $108 million at the time of reporting. These tokens, representing 2.4% of circulating supply, will be allocated to series A and series B investors, early contributors, Mysten Labs Treasury, and community reserves.
The SUI token surged almost 8% in the week leading up to the October token unlock, according to CoinGecko data. Over the past 30 days, SUI has recorded a 110% increase, likely driven by the launch of the Grayscale Sui Trust and Circle’s upcoming USDC integration.
11.3 million APT tokens
Aptos is set to release 11.3 million APT tokens, accounting for around 2.2% of its circulating supply on October 11. These tokens, worth around $91 million at current prices, will be distributed to the foundation, community, core contributors, and investors.
Unlike SUI, the APT token has faced volatility ahead of the token unlock. The price hit a high of $8.5 over the weekend amid a broader crypto market resurgence but dipped below $8 at press time. It is currently trading at around $7.9, down 1% in the last 24 hours, per CoinGecko.
175.56 million TIA tokens
Celestia will face the largest token unlock with 175.56 million TIA tokens, valued at approximately $1 billion, hitting the market on October 30. These tokens, accounting for approximately 82% of its circulating supply, will be awarded to early backers in series A and B, seed investors, and initial core contributors.
Ahead of the massive token release, Celestia successfully raised $100 million in a funding round led by Bain Capital Crypto, with participation from various venture capital firms like Syncracy Capital, 1kx, Robot Ventures, and Placeholder.
The latest funding boosts Celestia’s total amount raised to $155 million. Following the announcement, the price of TIA saw a spike of 14% to $6.7. At the time of writing, the token settled at around $6, slightly down in the last 24 hours.
Apart from those major token unlocks, the crypto market will face significant releases from ZetaChain (ZETA), Neon (NEON), Taiko (TAIKO), Immutable (IMX), and Arbitrum (ARB), among others. Over $3 billion worth of crypto tokens will enter the market next month.
October is often called “Uptober” in the crypto community due to the historical tendency for the market to experience upward price movements during that time. However, the Token Unlocks team warned that the upcoming token releases could have a major impact on the price of crypto assets. Investors should stay informed about the market and avoid making impulsive decisions based on fear of missing out.
“Uptober is just around the corner — Stay Informed, Not FOMO-Driven. With $3.46B in token unlocks scheduled for the month, it’s essential to keep a close eye on the market,” the Token Unlocks team stated.
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