$108M Worth of IMX, ALT, APEX, GAL, EIGEN, ID, ENA, and VENOM Tokens Will Unlock This Week

A total of $108 million worth of tokens will be unlocked across several projects this week, beginning on January 20th. This comes as the digital asset sector recovers from last week’s sell-off. The unlocking is led by Immutable (IMX), a layer-two scaling solution for NFTs on Ethereum, and Altlayer (ALT), a decentralized protocol for rollups.

Here's a closer look at the token unlockings scheduled for this week:

* January 20th: 10 million ApeX (APEX) tokens (18.71% of circulating supply) will be unlocked, with a current market value of $18.80 million. Additionally, around $1.06 million worth of Galxe (GAL) tokens will also be unlocked.

* January 21st: Over $4.33 million worth of EigenLayer (EIGEN) tokens (0.55% of circulating supply) will be released.

* January 22nd: 18.49 million Space ID (ID) tokens (4.29% of circulating supply) will unlock, with a current market value of $8.14 million. On the same day, 12.86 million Ethena (ENA) tokens (0.42% of circulating supply) will also hit the market, currently valued at $12.11 million.

* January 24th: 24.52 million IMX tokens will unlock, with a market value of $33.59 million.

* January 25th: 240.10 million ALT will be unlocked, currently valued at $24.38 million. Additionally, around $1.44 million worth of Venom (VENOM) will also be unlocked on the same day.

These token unlockings could put bearish pressure on the price action of the respective altcoins. However, the broader trend for the crypto market remains bullish, with key altcoin indices posting double-digit gains over the past week. If buying volumes for these altcoins remain high, the selling pressure from these unlockings could be absorbed.