Crypto market faces $1.73 billion token unlocks in September

September 2024 is poised to be a significant month for the cryptocurrency market, with approximately $1.73 billion in tokens scheduled for release.

According to TokenUnlocks, this includes $418.53 million in cliff unlocks, where tokens are released on a less frequent basis, such as monthly or yearly.

Such unlocks can influence market dynamics by increasing the token supply, potentially leading to higher selling pressure as new tokens come into circulation.

Noteworthy projects involved in this month's unlocks include Sui (CRYPTO:SUI), which will release 64.19 million tokens on September 1, valued at about $51.6 million.

This release constitutes 2.47% of Sui’s circulating supply, with tokens distributed among Series A, Series B, early contributors, the Mysten Labs treasury, and a community reserve.

Immutable (CRYPTO:IMX) will follow with the unlocking of 32.47 million tokens on September 6, worth approximately $47.41 million, representing 2.06% of its total supply.

These tokens will be used to support ecosystem and project development.

Aptos (CRYPTO:APT) is scheduled to unlock 11.31 million tokens on September 11, valued at $76.68 million, representing 2.33% of its total supply.

The distribution will cover the foundation, community, core contributors, and investors.

Arbitrum (CRYPTO:ARB) will release 92.65 million tokens on September 16, with a total value of $47.48 million, making up 2.65% of its circulating supply.

These tokens will be allocated to the team, future team, advisors, and investors.

Finally, Optimism (CRYPTO:OP) plans to unlock 31.34 million tokens on September 30, valued at $44.51 million, for core contributors and investors.

Other projects such as dYdX (CRYPTO:DYDX), ZetaChain (CRYPTO:ZETA), and ApeCoin (CRYPTO:APE) will also experience significant cliff unlocks this month.

The influx of tokens could affect market liquidity and investor sentiment as September progresses.