The number of unlocked blue-chip clones before the interest rate cut is substantial:

August 28 — JUP: approximately 53.47M

August 31 — MANTA: amount not disclosed

September 1 — OP: approximately 42.9M

September 1 — SUI: approximately 49.5M

September 1 — TIA: approximately 33.8M

September 4 — IMX: approximately 24.52M

September 4 — DYDX: approximately 1.55M

September 11 — APT: approximately 11.31M

September 15 — STRK: approximately 127M

September 15 — SEI: specific amount depends on the allocation table

September 16 — ARB: approximately 92.65M

September 17 — APE: approximately 15.6M

September 20 — PYTH: approximately 236M

The market is generally betting that the Federal Reserve will enter a rate-cutting phase starting in September, indicating that the capital available for risk assets is relatively sufficient, which is beneficial for project teams or VCs to sell the new supply into a strong market.

Taking advantage of the price drop due to early rate cuts to unlock, then in the later stages of rate cuts, having a better macro window to actively sell the unlocked chips at a higher price (market making, incentives, OTC).