10x Research: Altcoin unlocking with large amounts brings selling pressure and is dragging down Bitcoin.

Odaily Star Daily News, 10x Research stated in its market analysis report that last week was a critical moment for the cryptocurrency market, and one of the most critical weeks in 2024. Cryptocurrencies, especially altcoins, have fallen sharply. The market is struggling to digest a large amount of token unlocking, including 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 facing pressure to cash out, and the flow of these tokens is dragging Bitcoin down. Miners have started selling their Bitcoin inventory, and the ETH balance of the exchange has increased significantly by $2.5 billion, which is related to the previous and potential selling pressure. Despite the improvement in inflation data, there has been a large outflow of Bitcoin ETF (an average of $660 million outflow in 5 days), as the overall net outflow of various areas (stablecoins, futures leverage, ETF, etc.) is $2.4 billion, marking the third consecutive week of net outflow since the launch of ETF in January 2024. As SOL-USDT falls below the key trend level and support line, SOL may face more downward pressure, with some analysts suggesting it could fall to $100.