Crypto Market Faces $739M Unlock Pressure in June

The crypto market may be on track to experiencing a bearish June as many digital asset projects are set to release millions of their tokens into the space.

According to data from TokenUnlocks, roughly $739 million worth of cryptocurrencies, including Aptos (APT), Arbitrum (ARB), Sui (SUI), dYdX (DYDX), and 1inch Network (1INCH), would be unlocked in June. Such a move could drag the prices of the affected digital assets down as their circulating supplies get inflated.

$739M Crypto to be Unlocked in June

Although the unlock amount for each project is greater than $10 million, a list created by independent crypto reporter Colin Wu shows that Arbitrum has the largest unlock value. Roughly 92.65 million ARB worth over $111 million, representing 3.20% of the token’s circulating supply, will be unlocked next month.

Following ARB is 11.31 million APT worth $105.63 million, representing 2.59% of the asset’s circulating supply. The third-largest token unlock value is that of Starknet (STRK), which is $80 million and represents 5.61% of the asset’s circulating value.

Besides ARB, APT, and STRK, tokens like DYDX, SUI, Space ID (ID), and Immutable (IMX) also have upcoming unlocks totaling $69.3 million, $67 million, $58 million, and $58.7 million, respectively. Projects like Ethena, 1inch, and Altlayer fall into the category of unlocks worth between $50 million and $30 million.

Market Reaction to Previous Token Unlocks

It is worth mentioning that the value of tokens to be unlocked in June is less than that of those released into the crypto space in May. Cointab reported that the total amount of tokens unlocked in May was worth $3.6 billion, with Aevo (AEVO) and Pyth Network (PYTH) emerging with the largest unlocks, totaling $1.25 billion and $1.2 billion, respectively.

Notably, Avalanche (AVAX), APT, and ARB also unlocked tokens worth over $100 million.

Despite the amount of tokens unlocked in May, the crypto market fared relatively well, ending the month with a market cap of more than $2.53 trillion, up from the $2.23 trillion recorded on the last day of April.

Since the market suffered less pressure in May than in April, it remains to be seen how well it can handle the unlocks scheduled for next month.