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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Downside Threat: These Two Crypto At Risk Of Crash Due To Unlocks

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Crypto Optimism OP OPUSDT SUI SUIUSUDT

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The crypto market has shown signs of recovery over the last week, with top coins trending to the top of their range. However, the picture could turn red in the short term for some altcoins as unlocks season kick-off.

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As of this writing, Ethereum trades at around $1,900 with sideways price action in the last 24 hours. In the past week, the cryptocurrency traded in the green but has been outperformed by altcoins, such as XRP, Cardano (ADA), Polygon (MATIC), and its synthetic version Lido Staked Ether (stETH).

Ethereum ETH ETHUSDT OP SUI
ETH’s price moving sideways on the daily chart. Source: ETHUSUDT Tradingview

Crypto Unlocks Jeopardize Altcoin Sector

According to an analyst at Scimitar Capital, the native token for the Ethereum-based scalability solution Optimism (OP) and the native token for the Sui Network (SUI) are poised for a major retrace. These two tokens will unlock a big chunk of their supply soon.

In the past, any uptick in circulating supply for a token led to increased selling pressure in the market. The more supply, the less demand for the crypto, which translates into downside price action.

The analyst claims that SUI will see a 13% unlock on its market capitalization, meaning $67 million in the token, at current prices, is about to enter the market. On the other hand, OP is about to see a spike of over 110% in its market cap.

In other words, around $580 million in OP will flood the altcoin market; according to the analyst, the likely scenario is for the token to succumb to downside pressure:

Optimism has a massive unlock this week with over 114% of the current circulating supply unlocking. All else held equal, this means the token should trade much lower than it is now, as price is a function of supply and demand more supply = lower price.

If the price of Bitcoin and other cryptocurrencies can’t push upside and break out of their current range, then SUI and OP are likely to re-test critical support. Other altcoins could face a similar fate as market conditions worsen.

Unlocks Season Hints At Bearish Pressure, But Shorting Is A Bad Idea?

However, the team behind Optimism announced an important upgrade for the network. The second layer solution will lower fees and increase performance one week after unlocking the OP supply.

There have been other announcements regarding the state of this network and its development. The analyst believes that this is part of a strategy to offset the unlocks and warn traders against shorting the token, despite the unfavorable conditions:

(…) consider who you are trading against the investors and team are incentivized to coordinate and fuck over presellers as much as possible. Do you really want to pvp vs a16z and paradigm and the optimism insiders?

As mentioned, SUI is likely also to continue seeing downside price action. Despite unlocking fewer tokens than OP, the Sui Network team has a weaker strategy to counter the potential selling event, which could provide a better opportunity for traders.

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Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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