Aptos and EigenLayer are leading $200M token unlocks next week

• The crypto market will witness $200 million worth of token unlocks next week.
• APT and EIGEN will record the highest unlock volume, adding $93 million and $34 million to circulation.
• Optimism and NEON will also float $19 million and $17 million worth of fresh tokens, respectively.

Token Unlocks data on Friday revealed that the crypto market will see a $200 million supply surge in unlocks in the rocks, with Aptos (APT) and Eigenlayer (EIGEN) leading the way.

APT and EIGEN push next week’s unlocks to $200 million

The crypto market is set for another round of token unlocks next week, with several projects adding a combined $200 million worth of new tokens into circulation.

Tokens participating in next week’s rock unlock include Aptos (APT), Eigenlayer (EIGEN), Optimism (OP), Neon (NEON), Cardano (ADA) and Mode (MODE). These projects will start adding to their current supply in circulation from Monday, with APT and EIGEN holding the largest share of unlock volumes.

Cliff unlocks from October 7-13

Cliff unlocks are events where crypto projects release invested tokens to investors, community members or advisors after a lock-in period. Increased supply from token unlocks frequently generates negative sentiment among investors, which can trigger significant selling.

APT will witness unlocks of $93 million, which may lead to a potential correction after its impressive performance in the last seven days. APT is up more than 9% in the past 24 hours, with weekly gains up 9.3% on the back of the market’s earlier decline since October 1.

The rise in the asset may be due to Franklin Templeton’s recent launch of its Tokenized Money-market fund (FOBXX) on the Aptos chain. The move allows investors to start accessing the fund through the Aptos network.

EIGEN will also add $34 million worth of its tokens to circulation, representing 5% of its current supply in circulation. The token rose nearly 6% on Friday despite reports that one user lost 1.6 million EIGEN to hackers.

Eigenlayer was also the subject of controversy after community members complained that the team distributed $6 million worth of tokens to VCs without any prior lock. These reactions and the future unlocking of the token could negatively affect the price of EIGEN.

Other tokens that will see an increase in circulating supply include OP and NEON, which will release $19 million and $17 million worth of their tokens into circulation.

NEON is up over 5% in the last 24 hours. The project will inject more than 90% of the current supply into circulation.

OP also rose more than 5%, recovering from a weekly decline of nearly 16%.

In addition, Keyrock data highlighted massive failure among air launch projects with high fully diluted valuation (FDV) and low float, particularly after 90 days of launch.

However, crypto intelligence provider Crypto Koryo said in a September post that the low float and high FDV sectors were among the three best performers of the month.

They went further, stating that if a low-float, high-FDV token performs well, unlock events could act as a “strategy.”