Hashflow (HFT) metrics bearish following massive token unlock

November 07, 2023 06:14 AM PST | By Invezz

Hashflow (HFT) metrics bearish following massive token unlock — Image source: Invezz

Hashflow floods exchanges with over 160M tokens

Token.unlocks.app data shows Hashflow released 74% of its total supply in circulation early today. Of the 160.38 million coins, the project set $115,150 for community rewards, $13.59M for ecosystem development, and $17.27M spent on early HFT investors, whereas $13.35M went to the core team.

HFT price outlook

Hashflow exhibited a bearish stance during this publication. It dropped by around 2% over the past 24 hours, whereas its monthly chart remains red following a 15.38% dip.

HFT will likely suffer more dips, considering potential near-term volatility as investors who received the recently unlocked token start to sell.

Increased token supply on exchanges translates to magnified selling momentum on a cryptocurrency. Data shows HFT circulation has increased over the past few months. Santiment indicates an 88.5% surge in Hashflow supply in the last 90 days and a 4% uptick over the past week.

Also, HFT tokens have been moving to exchange addresses, increasing bearishness on the altcoin. Moreover, Hashflow assets held by whale wallets plummeted by 1.7% in the last three months and 10.65% since the start of November. Large investors could be offloading HFT to sell.

Hashflow’s metrics highlight looming price dips for the altcoin. Nevertheless, tracking upcoming broad market developments remain crucial to determine HFT’s near- and long-term potential.

For instance, Aptos mimicked the overall market’s performance despite its unlock event, gaining over 35% over the past month. Bitcoin gained around 26% in that timeframe.

The post Hashflow (HFT) metrics bearish following massive token unlock appeared first on Invezz

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