10x Research: The selling pressure from the large unlock of altcoins is dragging down Bitcoin

ChainCatcher news, 10x Research reported that cryptocurrencies, especially altcoins, have significantly declined. The market is struggling to digest the massive token unlocks of Aptos $97 million, IMX $51 million, STRK $75 million, SEI $62 million, ARB $90 million, APE $18 million, and UNI $90 million, totaling $483 million. Early investors and venture capitalists seem to be under pressure to cash out, and these token fund flows are dragging down Bitcoin.

Bitcoin miners have begun to sell their Bitcoin holdings, and the ETH balance on exchanges has increased significantly by $2.5 billion, which is related to potential selling pressure. Despite improvements in inflation data, there has been a large outflow from Bitcoin ETFs (an average outflow of $660 million over 5 days), as the overall net outflow across various sectors (stablecoins, futures leverage, ETFs, etc.) reached $2.4 billion, marking the third week of net outflow since the ETF launch in January 2024.

As SOL-USDT breaks below key trend levels and support lines, SOL may face more downward pressure, with some analysts suggesting it could drop to $100.