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ANALYSIS: 92.3 million are expected to enter circulation when TIA is unlocked tonight, capping the sell-off at about $460 million

ANALYSIS: 92.3 million are expected to enter circulation when TIA is unlocked tonight, capping the sell-off at about $460 million

Bitget2024/10/30 07:24

On October 30, in response to the unlocking of 176 million TIA tokens tonight, Taran, the founder of OTC platform STIX, posted on Platform X that after unlocking there will be a total of 92.3 million TIA entering circulation. This will constitute the upper limit of selling pressure in the spot market. TIA has a 21-day unlock period and those who wish to trade unlocked TIAs on October 31 have already unlocked them ahead of time. The sum of un-locked token quantity, tokens in the queue for a 21-day unlock period and approximately an additional amount of about 24.1 million unaccounted-for tokens equals to 92.3 million TIAs which is equivalent to maximum selling pressure around $460 million.

Another interesting data point is that dilution degree reached up to 41.8% with respect to increase in actual circulating supply versus current circulating supply ratio . A large number of first-time-unlocked tokens were sold off-market (OTC) buyers who hedged their positions on perpetual contracts leading to surge in open interest over past few months . It's expected these short positions will significantly decrease offsetting some sell-off pressure from spot market potentially signaling bullish sentiment for spot buyers as this capital reset occurs . Short positions are likely continue decreasing until they're fully unlocked at which point funding rate may reset zero or positive value missed October ninth deadline investors could also unlock during month causing further increase November's available supply regardless impact huge making it most notable event cycle addition suppressing premium off-market trades could lead increased trading activity this token .

Earlier news reported Celestia (TIA) would be unlocking approximately one hundred seventy-five point six millions coins Singapore Time ten o'clock evening thirty-first October representing seventy-nine point seven five percent currently circulating volume valued roughly nine hundred forty-one millions dollars.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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