Aptos is preparing to unlock a $50 million token, which could add selling pressure

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Millions of aptos (APT) tokens will be released on Wednesday in a planned move that is expected to increase circulating supply by 0.5%, according to the data. The unlock is set to take place on April 12 at 05:30 UTC.

APT is up nearly 8% in the past 24 hours, according to data from CoinGecko, outperforming bitcoin (BTC) and the broader market. The Aptos network is currently valued at over $2.3 billion by market capitalization.

The APT unlock is valued at over $50 million based on current prices. Unlocks refer to the automatic release of new tokens belonging to any blockchain network into the open market, often based on previously scheduled token plans.

Some 84% of total APT tokens are still locked, which means current valuations could likely drop in the long term, as a large chunk of tokens have yet to hit the market.

Token unlocks are significant events that have the power to influence the market as participants react to the move. Adding tokens to the market allows early investors, developers, or other holders to sell their assets while the price is still high, contributing to selling pressure.

However, based on fundamental demand, new investors or traders may increase their existing holdings of this token, causing prices to rise after the initial selling pressure is weaned off.

Aptos Labs, the parent company of the Aptos blockchain, raised over $350 million across multiple rounds in 2022, as CoinDesk previously reported.

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