With last week’s recovery in crypto asset prices, the narrative is changing. The macroeconomic environment continues to improve for risk assets, and Bitcoin’s recovery is notable. In the coming week, traders will likely focus on these developments. Moreover, several tokens, including Celestia (TIA), Optimism, and Axelar, will see unlocks this week.
Last week, Bitcoin price recovered, going from $83.6k to $87.4k, rising by 4.74%. The main reason for this was a favorable change in the Fed’s policy, which signaled a pause to its tightening program. Despite this, traders are split on Bitcoin’s potential in 2025.
Notably, just 50 percent of Polymarket bettors believe Bitcoin can reach $120k this year. While this may weigh on sentiment this week, several altcoins are also facing major unlock events that could induce selling pressure.
Token Unlock Events This Week
On Monday, March 21, Biconomy (BICO) and Celestia (TIA) will be the first tokens to see unlock events this week. $972,311 in Biconomy tokens (formerly known as Hyphen) will be unlocked, equivalent to 0.81% of the float or the circulating supply. The effect on the price may be lower than expected, as all new tokens are going toward community incentives.
On the same day, $3.46 million in Celestia tokens will hit the markets, equivalent to 0.18% of the float. Out of this sum, $2.7 million in tokens will go to insiders, including early backers and initial core contributors. A further $671k will go to research and development and its ecosystem.
Axelar (AXL) is next among major altcoins facing unlocks this week, with $6.62 million in tokens set to unlock on Friday. This sum represents 1.66% of the float, with about half of the sum going to the community. The remaining tokens will go to the core team and node operators, while $510k will go to a company insurance fund.
Last in line is the Optimism (OP) token, which powers an Ethereum layer-2 chain. On Sunday, March 30, $28.95 million in Optimism tokens will vest, splitting between the team and early investors. This figure represents 2% of the float, and with so many tokens going to insiders, Optimism will likely face significant selling pressure.
READ MORE: XRP Price Prediction as Transactions Crash From 2M to 810K
