Top Crypto News This Week: APT Token Unlock, Hong Kong’s BTC and ETH Index Launch, and More

Several crypto news and developments are on the lineup this week, ranging from large token unlocks to industry-related conferences and a landmark launch in Hong Kong. Accordingly, volatility is expected around these events, which could affect the portfolios of traders and investors in the space.

With Bitcoin (BTC) hovering around the $82,000 threshold, investors should monitor the following events that could move affected tokens.

Aptos and Arbitrum Token Unlocks

The Aptos and Arbitrum ecosystems feature among top crypto news this week, with the scheduled cliff unlocks for their APT and ARB tokens, respectively. As BeInCrypto reported, Layer-1 (L1) blockchain Aptos will unlock 11.31 million APT tokens worth approximately $123.39 million on Monday. These tokens will be allocated to community members, core contributors, and investors.

Similarly, L1 blockchain Arbitrum will unlock 92.65 million ARB tokens valued at $59.63 million, allocated to the team, advisors, and investors. Noteworthy, token unlocks are considered typically bearish, given they add to a token’s circulating supply, thereby dampening the market.

If recipients cash in on the tokens they receive, particularly the community members and investors, who are more likely to book early profits, APT and ARB tokens could drop. Of note is that Aptos and Arbitrum’s token unlocks event makes a fraction of the total unlocks expected this week.

“With $746 million in token unlocks hitting the market in the next 7 days from APT, ARB, AVAX, and more, we will see a wave of fresh liquidity hunting for or catching up to the next narrative,” one user on X wrote.

Devcon 7 in Thailand

Devcon, the Ethereum conference for developers, thinkers, and makers, is taking place in Bangkok. The four-day conference, an all-in-one venue, will run from Tuesday, November 12, to Friday. According to the website, seasoned Ethereum experts and amateurs alike are invited.

The event promises an “intensive introduction for new Ethereum explorers.” It also advertises a global family reunion for those already a part of the ecosystem and a source of energy, inspiration, and creativity for all.”

Hong Kong’s Crypto Index Launch

On November 15, the Hong Kong Exchanges and Clearing (HKEX) will launch a crypto index. According to the firm’s CEO, Bonnie Y Chan, it will help provide investors with transparent and reliable benchmarks for Bitcoin and Ethereum pricing in the Asian time zone.

“The Index Series, which will go live on 15 November 2024, provides investors with transparent and reliable benchmarks for Bitcoin and Ether pricing in the Asian time zone. It seeks to provide a single reference price for virtual assets, where these assets are often traded at different prices across global exchanges,” an excerpt in the press release read.

The anticipated launch is part of HKEX’s push to explore adjacencies. Specifically, it looks to support Hong Kong’s fintech development while providing investors with essential benchmarking tools and solutions. This is amidst a constantly changing market.

US CPI and PPI

The Consumer Price Index (CPI) and Producer Price Index (PPI) data sum up the list of top crypto news this week. As BeInCrypto reported, they feature among the US economic data crypto market participants will be watching this week.

“This week’s lineup of economic data drops—CPI, jobless claims, PPI, and retail sales—could seriously shake things up in the crypto market. These numbers will give us insights into inflation, consumer spending, and overall economic health,” one user on X said.  

Indeed, the combined impact of these macroeconomic data could bring some volatility to the crypto market this week. Specifically, lower inflation, stronger consumer spending, and a steady jobs market could reinvigorate the current bullish momentum.

Conversely, if the data shows signs of a slowing economy or sticky inflation, investors may step on the brakes. Such an outcome could see a sell-off in high-risk assets like Bitcoin.

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