An altcoin token unlock worth $2 billion and a potential $11 billion Bitcoin distribution pose challenges to the market.
Cryptocurrencies are experiencing a correction phase due to anticipated token unlocks totaling billions of dollars, which could delay recovery. Over the next ten weeks, a substantial number of tokens from various projects are set to be unlocked, potentially impacting the altcoin market.
Additionally, repayments to Mt. Gox creditors and Gemini’s Earn program could exert pressure on Bitcoin. However, it is speculated that payouts from FTX might provide some relief to the market.
Overall, a significant portion of cryptocurrency liquidity is expected to return to the market soon. Amid these developments, the crypto market is witnessing declines, including Bitcoin and Ethereum.