Aevo and Pyth lead May’s $3 billion crypto token unlock wave

cryptoslatePublished on 2024-05-01Last updated on 2024-05-01

The crypto market will experience its second token unlock of over $3 billion for this year in May, according to Token Unlocks data.

Token unlocks involve the gradual release of coins initially held to discourage early investors or team members from rapidly selling their large-volume holdings. This process has consistently wielded considerable influence over the broader market conditions by amplifying the selling pressure on a digital asset.

Pyth, Aevo leads with over $1 billion unlock.

Two major players, Aevo and Pyth, lead the significant May token unlock, each set to release over $1 billion worth of tokens.

Aevo is gearing up to release 827.6 million tokens valued at $1.257 billion, marking an astounding 758% increase in its current supply. This unlock is slated for May 15.

Furthermore, the Layer-2 DEX roll-up will release 6.13 million AEVO tokens daily into circulation between May 16 and May 24. These tokens will primarily enter the DAO treasury, early private sale investors, and the project team.

On the other hand, Pyth Network, a decentralized oracle service provider built on Solana, plans to more than double its circulating token supply by unlocking 2.13 billion tokens worth approximately $1.25 billion on March 20.

This token unlock marks Pyth’s first release since its launch last November. The event aims to incentivize ecosystem participants, protocol developers, and early supporters.

Avalanche, others follow.

Beyond these mammoth unlocks, numerous other projects are gearing up for token releases in May.

Avalanche, a Layer 1 blockchain, will launch 9.54 million AVAX tokens valued at $332 million on May 22. Interestingly, this marks the second major token release for the blockchain network this year.

DeFi protocol dYdX will unlock 33.33 million tokens, representing 10% of its circulating supply valued at $71 million today. Similarly, USDe issuer Ethena will release approximately 4% of its circulating supply, equivalent to 53.6 million ENA tokens, on the same day.

Further, Memecoin is preparing to release 5.31 billion MEME tokens into circulation, amounting to $141 million and representing 31.92% of the token’s circulating supply.

Additional projects with scheduled unlock for this month include several Ethereum layer-2 networks like Arbitrum, Optimism, and Starknet.

Mentioned in this article

Posted In: Avalanche, Featured, Tokens

Author

Oluwapelumi Adejumo

Journalist at CryptoSlate

Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.

Editor Editor

News Desk

Editor at CryptoSlate

CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Trending Cryptos

CitreaCTR

wrapped stUSDTWSTUSDT

Weak US Employment and $1.1 Billion into ETFs: Wintermute on the New Rally and Inflation Risks

Analysts at Wintermute stated that the cryptocurrency market gained support following a weak U.S. jobs report. Against this backdrop, U.S. spot Bitcoin and Ethereum ETFs collectively attracted $1.1 billion in inflows over the week. While demand via ETFs has recovered, there is insufficient data to confirm a sustainable shift in market sentiment. U.S. spot Bitcoin ETFs saw inflows of $853.5 million over five sessions, the best weekly result since mid-April. Ethereum ETFs attracted another $244.9 million, marking a fifth consecutive positive week. Over 80% of the inflows into both groups went to BlackRock. Wintermute notes that relatively restrained trading volumes may indicate large investors gradually building positions rather than short-term capital rotation. A disappointing U.S. employment report for July, which showed a loss of 23,000 jobs versus an expected gain of 80,000, led markets to reduce the probability of a Federal Reserve rate hike in September. This supported risk assets, including crypto. However, Wintermute cautions that the upcoming U.S. Consumer Price Index report on August 12 poses a key test. Higher-than-expected inflation could revive rate hike fears above 50%, risking a reversal of the recent rally. Beyond ETFs, institutional adoption of blockchain infrastructure continues, exemplified by Wells Fargo's planned launch of tokenized deposits. Wintermute views this as banks modernizing their settlement systems, which could eventually support broader digital asset integration. The firm concludes that while the ETF inflows are a positive signal, one week is not enough to confirm a durable trend, and the market remains highly sensitive to macroeconomic data, particularly inflation.

cryptonews.ru3m ago

Weak US Employment and $1.1 Billion into ETFs: Wintermute on the New Rally and Inflation Risks

cryptonews.ru3m ago

Bitcoin ETFs Lose $144.67 Million, Ending Five-Day Inflow Streak

Bitcoin ETFs experienced a net outflow of $144.67 million, ending a five-day streak of inflows. The selling was concentrated in major funds: BlackRock's IBIT led with $53.56 million in outflows, followed by Grayscale's GBTC with $52.02 million and Fidelity's FBTC with $40.32 million. Only Grayscale's Bitcoin Mini Trust saw inflows, adding $37.06 million. Total trading volume for Bitcoin ETFs reached $2.03 billion. Ether ETFs also started the week with outflows totaling $14.59 million, primarily from BlackRock's ETHA. In contrast, altcoin ETFs saw buying interest. Solana ETFs, specifically Bitwise's BSOL, attracted $8.83 million, and ETFs for $HYPE gathered $2.74 million. XRP ETFs recorded no net activity. In a separate development, BlackRock's Head of Digital Assets, Robert Mitchnick, announced a significant reduction in the minimum threshold for in-kind Bitcoin conversions into its IBIT ETF, lowering it from $25 million to $1 million. This move aims to make the ETF more accessible to a broader range of cryptocurrency holders by easing the process of transferring assets into the traditional brokerage structure.

cryptonews.ru5m ago

Bitcoin ETFs Lose $144.67 Million, Ending Five-Day Inflow Streak

cryptonews.ru5m ago

BRICS Nations Explore Integration of Central Bank Digital Currencies and Payment Systems, Says RBI Governor

BRICS nations are exploring plans to integrate their central bank digital currencies (CBDCs) and fast payment systems, aiming to reduce the costs of cross-border money transfers within the bloc, stated Reserve Bank of India (RBI) Governor Sanjay Malhotra. He emphasized that cheaper cross-border payments are a shared priority, but noted discussions are at a very early stage, with various options under consideration. Linking the CBDCs of member countries could enable more direct and simplified payments by eliminating intermediary steps. This mechanism would leverage existing domestic channels to expedite international transfers for consumers and businesses, while also expanding the reach of currencies like the Indian rupee. India is actively pushing for the internationalization of the rupee and promoting the use of local currencies in trade. The RBI has reportedly asked the government to include the topic of linking CBDCs on the agenda for the 2026 BRICS summit, which India will host. Separately, Governor Malhotra also urged Indian financial institutions to catalog their AI models and implement board-approved AI governance policies.

cryptonews.ru5m ago

BRICS Nations Explore Integration of Central Bank Digital Currencies and Payment Systems, Says RBI Governor

cryptonews.ru5m ago

Number of Bitcoin Wallets Containing 10,000 BTC Reaches 6-Month High

Data from Santiment reveals that the number of Bitcoin wallets holding at least 10,000 BTC has reached 90, a six-month high. This accumulation by large holders coincides with continued selling by smaller wallets (those holding less than 0.01 BTC). Analysts interpret this pattern, where small holders lose market share to large ones, as typically preceding a significant price movement. Santiment believes the probability of Bitcoin breaking above $70,000 is currently higher than it falling below $60,000. This shift of supply to "stronger hands" is seen as increasing the likelihood of a bullish market surge. The resurgence of demand from these large wallets aligns with a two-month increase in active blockchain addresses. If this network activity continues to grow, the price of BTC could potentially rise above $65,000 and move toward $67,000. Supporting this view, the HCN AI Analyst Index presents a moderately bullish forecast for Bitcoin, with a base scenario targeting $67,711 and an optimistic one targeting $68,981. The model assesses the probability of a bearish outcome at only 13%, while giving a 47% chance to the base or bullish scenarios, indicating high confidence in positive 30-day momentum.

cryptonews.ru7m ago

Number of Bitcoin Wallets Containing 10,000 BTC Reaches 6-Month High

cryptonews.ru7m ago

Katie Stockton's Bitcoin Forecast! 'Downtrend Has Reached Exhaustion Point'

Katie Stockton, founder of Fairlead Strategies and a Chartered Market Technician (CMT), discussed Bitcoin's technical outlook. She states that BTC's long-term downtrend has reached an exhaustion point, with strong signals suggesting a durable market bottom is forming. Stockton's analysis of multi-timeframe indicators shows Bitcoin has reached clear oversold conditions on monthly charts. She notes an upward move in long-term momentum oscillators and emphasizes the psychological importance of price action near previously anticipated support levels. This situation, she argues, increases Bitcoin's chances of forming a long-term, sustainable bottom compared to other assets like gold. Addressing macro trends, Stockton notes the correlation between gold and Bitcoin is cyclical and not a direct trading signal. While gold's recovery may be an interim bounce, she highlights that Bitcoin is technically showing signs of emerging from a much deeper oversold zone.

cryptonews.ru8m ago

Katie Stockton's Bitcoin Forecast! 'Downtrend Has Reached Exhaustion Point'

cryptonews.ru8m ago

Trading

Spot

Hot Articles

How to Buy AEVO

Welcome to HTX.com! We've made purchasing AEVO (AEVO) simple and convenient. Follow our step-by-step guide to embark on your crypto journey.Step 1: Create Your HTX AccountUse your email or phone number to sign up for a free account on HTX. Experience a hassle-free registration journey and unlock all features.Get My AccountStep 2: Go to Buy Crypto and Choose Your Payment MethodCredit/Debit Card: Use your Visa or Mastercard to buy AEVO (AEVO) instantly.Balance: Use funds from your HTX account balance to trade seamlessly.Third Parties: We've added popular payment methods such as Google Pay and Apple Pay to enhance convenience.P2P: Trade directly with other users on HTX.Over-the-Counter (OTC): We offer tailor-made services and competitive exchange rates for traders.Step 3: Store Your AEVO (AEVO)After purchasing your AEVO (AEVO), store it in your HTX account. Alternatively, you can send it elsewhere via blockchain transfer or use it to trade other cryptocurrencies.Step 4: Trade AEVO (AEVO)Easily trade AEVO (AEVO) on HTX's spot market. Simply access your account, select your trading pair, execute your trades, and monitor in real-time. We offer a user-friendly experience for both beginners and seasoned traders.

2.4k Total ViewsPublished 2024.03.29Updated 2026.06.02

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of AEVO (AEVO) are presented below.

Aevo and Pyth lead May’s $3 billion crypto token unlock wave