The crypto market is gearing up for one of its biggest token unlock events in 2024, with over $3 billion worth of tokens set to be released in October. 

BeInCrypto has highlighted the top three unlocks that will introduce a substantial influx of assets into the market.

October Token Unlocks: What to Expect

Data from TokenUnlocks indicates that approximately $1.6 billion of this month’s token unlocks are classified as cliff unlocks. In the context of token unlock events, cliff refers to tokens set to release on a schedule that’s more periodic than daily, such as weekly, monthly, or yearly.

Since token unlocks introduce previously unavailable tokens into circulation, investors and traders closely monitor these events because they affect the market environment. While some view these events as growth opportunities, they also carry the risk of increased selling pressure.

“Uptober is just around the corner — Stay Informed, Not FOMO-Driven. With $3.46B in token unlocks scheduled for the month, it’s essential to keep a close eye on the market,” the Token Unlocks team wrote.

This month’s most significant cliff token unlocks include Celestia (TIA), Sui (SUI), Immutable (IMX), Aptos (APT), and Arbitrum (ARB).

Sui (SUI)

On October 1, Sui will unlock 64.19 million tokens. These tokens, worth approximately $106 million, account for 2.40% of its circulating supply. The distribution of these tokens will be as follows:

• Series A: 19.84 million SUI ($32.93 million)
• Series B: 19.32 million SUI ($32.07 million)
• Early contributors: 10.34 million ($17.16 million)
• Mysten Labs treasury: 2.07 million SUI ($3.44 million)
• Community reserve: 12.63 million SUI ($20.96 million)

Read more: Everything You Need to Know About the Sui Blockchain

Immutable (IMX)

Following Sui, Immutable will release 32.47 million IMX tokens on October 4. These tokens, worth roughly $59.10 million, translate to 2.02% of IMX’s circulating supply. They will be distributed to the ecosystem and project developments, with the details as follows:

• Ecosystem development: 15.91 million IMX ($28.96 million)
• Project development: 16.56 million IMX ($30.14 million)

Aptos (APT)

Aptos’ unlock on October 11 will see 11.31 million APT tokens enter the market. This figure equals 2.25% of APT’s total supply, with a total value of $96.25 million.

The distribution of these tokens will be as follows:

• Foundation: 1.33 million APT ($11.35 million)
• Community: 3.21 million APT ($27.32 million)
• Core contributors: 3.96 million APT ($33.69 million)
• Investors: 2.81 million APT ($23.90 million)

Read more: Where To Buy Aptos (APT): 5 Best Platforms for 2024

Arbitrum (ARB)

On October 16, Arbitrum will release 92.65 million ARB tokens, worth $61.90 million. This significant unlock represents 2.56% of ARB’s circulating supply. The distribution of these tokens will be as follows:

• Team, future team, and advisors: 56.13 million ARB ($37.50 million)
• Investors: 36.52 million ARB ($24.40 million)

Celestia (TIA)

Finally, on October 30, Celestia will unlock 175.56 million TIA tokens, valued at $1.12 billion. These tokens will be allocated to early backers and initial core contributors. The breakdown of this token unlock allocation will be as follows:

• Early Backers Series A&B: 65.01 million TIA ($414.76 million)
• Early Backers Seed: 52.47 million TIA ($334.76 million)
• Initial Core Contributors: 58.08 million TIA ($370.55 million)

Beyond these major unlocks, the market will also see cliff token unlocks from other notable projects in October, including Starknet (STRK), ZetaChain (ZETA), and ApeCoin (APE).

October is historically a bullish month for the crypto market. Because of this, investors might be on the lookout for hidden gem altcoins that could bring significant gains.

These lesser-known cryptocurrencies sometimes have strong fundamentals and increasing community support, which could make them worth monitoring. As such, this analysis uncovers three under-the-radar altcoins that show promising signs of a major pump in October.

Echelon Prime (PRIME)

PRIME, the native token of the decentralized finance and gaming web3 project, tops this list of altcoins. One reason for its inclusion is the assertion that gaming tokens could be one of the trending narratives next month and throughout the rest of the year.

Built on the Ethereum blockchain, PRIME’s price has increased by 35.39% in the last 30 days, with the most gains coming from the recent token unlock. 

Furthermore, a look at the addresses by time held shows that many investors who have owned the token within the last month through the last 365 days have refrained from selling it. Thus, this suggests a high conviction in its short to long-term potential and that PRIME might not undergo a major price correction.

On the daily chart, PRIME’s prime jumped above $12 on September 28. This surge could be attributed to the breakout from the descending triangle, which is due to the formation of lower highs and a horizontal support level.

PRIME’s price has decreased to $10.20. However, the Money Flow Index (MFI) reveals that substantial capital is still flowing into the altcoins. As a result, a major rebound could occur from its current price.

Read more: 5 Best Crypto Payment Gateways Every Business Should Know

If that happens, PRIME’s value might surge by 70% in October, potentially reaching $17.25  before the month ends.  On the other hand, the altcoin’s price might face a notable downturn if it drops below $10.17. In that scenario, the price could fall to $8.07.

Celo (CELO)

Celo is ranked the 159th most valuable crypto in terms of market capitalization. It is built on Ethereum and focuses on real-world stablecoin utility. On September 25, Ethereum co-founder Vitalik Buterin applauded Celo for surpassing Tron in terms of stablecoin activity.

This development implied improved user engagement on the Ethereum layer-2 project. Apart from that, digital asset management firm Grayscale added CELO to the list of altcoins, which it expects to perform well during this year’s last quarter.

Based on the daily chart, CELO’s price climbed over 50% in less than two weeks after the formation of an inverse head and shoulder pattern. This technical pattern is a bearish-to-bullish reversal, which usually brings about a staggering price increase.

As of this writing, CELO’s price is 0.64. However, as it happened during the uptrend, this decline could be a brief drawdown, and a rebound might likely be likely in the coming days. 

Once validated, CELO might increase by nearly 36% and hit $0.87 in October. However, if CELO’s price slips below $0.60, it might end the month in a net negative.

Aethir (ATH)

As a Decentralized Physical Infrastructure Network (DePIN) project, Aethir (ATH) enhances the distribution of AI chips. With its structure, the ATH is also a gaming token, reinforcing the notion that AI tokens, as well as gaming altcoins, could perform well in October.

Interestingly, ex-BitMEX CEO Arthur Hayes appears to share a similar value, especially after he dumped other altcoins for the token. Based on the daily chart, the 20-day Exponential Moving Average (EMA) — in blue has crossed over the 50 EMA (yellow) for the first time in a long while.

The EMA measures trend direction. When the longer EMA crosses above the shorter one, the trend is bearish. Therefore, the current situation (golden cross) with ATH trading at $0.065 means that the altcoin trend is bullish.

Read more: 10 Best Altcoin Exchanges In 2024

Despite a recent decline, the Golden Cross formation suggests that ATH’s price might return northward. If that happens, then ATH could rise toward $0.090 next month. On the flip side, Aethir’s price could decrease to $0.053 if the 50 EMA rises above the 20 EMA again, invalidating the bullish prediction. 

Binance founder and former CEO Changpeng Zhao (CZ) exited prison on Friday, two days before the official release date.

The popular crypto executive has not wasted any time sharing what he will be doing post-release, and it does not involve Binance or anything close.

Binance’s CZ Shares Post-Release Plans

Changpeng Zhao began his post by expressing gratitude for the freedom to make personal choices, such as selecting his own meals and enjoying as many fruits as he desires each day. He reflected on his past experiences, acknowledging the lessons learned and looking forward to future opportunities. In light of his release from jail, CZ also shared his plans for what he will be doing next.

First, CZ commits to furthering his education initiative, Giggle Academy. The Binance executive had aggressively promoted the initiative before his arrest. The Binance founder also said he would dedicate time and funding to charity, which aligns with his philanthropic work at Giggle Academy, which offers free education.

As of March 30, the project comprised a team of 10 members, some part-time, while others serving full-time but working remotely. Notably, one of Giggle Academy’s objectives is to teach kids how to avoid rug pulls.

Read more: Who Is Changpeng Zhao? A Deep Dive Into the Ex-CEO of Binance

Zhao also revealed his plans to finish writing his book and attend crypto-related conferences. While he may no longer be directly involved in Binance activities, CZ will remain active in the blockchain space. He highlighted that as a long-term investor, his priority is making a positive impact rather than focusing solely on financial returns.

Further, he observed that Binance was doing well in his absence. Notably, Changpeng Zhao faces a lifetime ban from serving as Binance CEO as part of his plea deal. Nevertheless, he maintains executive rights at the company as its majority shareholder.

These developments suggest CZ does not see himself as a CEO driving a startup again. They also demonstrate contentment with being a one-time entrepreneur and a possible mentor. 

With these, crypto markets can expect to see CZ around, or rather, hear from him, with his X (formerly Twitter) already active two days after release. Based on responses to his social media posts, CZ remains a people-favorite despite the circumstances that led to his arrest.

How Changpeng Zhao Got Here

As BeInCrypto reported, CZ is the wealthiest person ever to serve jail time in the US and the 25th richest man in the world, with a personal fortune of nearly $60 billion. Amid Changpeng Zhao’s post-prison updates, this rear-view mirror shows how the crypto executive made it to jail.

US Department of Justice Investigates Binance

The US Department of Justice (DOJ) started investigating Binance in February 2018, probing the exchange’s compliance with Anti-Money Laundering (AML) laws and sanctions. Specifically, prosecutors were exploring charges of unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.

In August 2023, the DOJ considered fraud charges against Binance. However, the authorities expressed concern about the possibility of a bank run and wanted to spare consumers the trouble. To avoid harming customers, they considered alternatives to criminal charges, including fines or non-prosecution agreements.

Charges That Sent Changpeng Zhao To Jail

The US DOJ levied criminal charges related to CZ in November 2023. Among them, were violating US Anti-Money Laundering (AML) laws, unlicensed money transmitting, and sanctions violations.

He pled guilty the same month, capitulating to the DOJ and resigning as Binance CEO while introducing Richard Teng as successor. He admitted to making mistakes, saying he would take responsibility, a move intended to be for the sole benefit of the community, Binance, and for himself. Noteworthy, Teng ascended to Binance CEO after serving as Global Head of Regional Markets.

This guilty plea saw him released from custody on a $175 million bond. At this point, he was facing up to 18 months in prison as part of his plea deal with the US Government. 

In addition, CZ and Binance were charged with one of the largest criminal penalties in US history. The exchange paid a $4.3 billion fine while Zhao paid up to $50 million. For CZ, this was a modest amount given his estimated net worth.

Ripple Chief Legal Executive Stuart Alderoty supported the US DOJ’s decision on Binance, saying it was necessary to bring crypto into compliance.

CZ Sentenced To Four Months In Prison

Seattle District Court Judge Richard Jones issued the four-month sentence in April 2024, saying, “There needs to be an effort by this court to impose a sentence that’s appropriate and reasonable.” Key highlights in the court session include CZ’s guilty plea and cooperation with authorities.

The DOJ argued that Changpeng Zhao willfully allowed illegal trades on Binance. He also failed to report thousands of suspicious criminal activities, which attracted profits of around $1.6 billion from such transactions.

The Federal sentencing guidelines set a maximum sentence of 18 months but under normal circumstances, the charge would have carried up to 10 years in prison.

Notably, the DOJ was pushing for 36 months sentence. On the other hand, CZ’s defense pursued five months of probation, while sentencing guidelines suggested 12 to 18 months in prison.

However, Judge Jones ruled a lenient four-month sentence. Character references from colleagues and industry leaders played a significant role in this determination. The judge said he had never seen such a large amount of uniformly laudatory testimonials about a defendant.

Impact of Prison on CZ’s Wealth and Binance Stake

The short answer is none! Changpeng Zhao’s personal fortune has not been affected by the case, save for the modest $50 million fine paid in November. He also reserves majority shareholder rights at Binance, which by Forbes estimates, is a 90% stake.

In 2021, Changpeng Zhao said in a Bloomberg interview he does not own any real estate or much capital in fiat currencies. Rather, his crypto holdings made up nearly 100% of his entire net worth. He also revealed that he sold his house in 2013 to buy Bitcoin, which marked the beginning of his crypto journey.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

Based on Forbes data, CZ owns 64% of the total supply of Binance Coin (BNB) supply. As traders take profits amid the hype surrounding Zhao’s release, BNB has wiped out some of the gains made over the past 24 hours, dropping from $610.20 to trade for $594.71 as of this writing.