This round of the bull market began approximately when the TIA was launched and Binance started its crazy rally. Why was it possible to gain at that time? Because the coins were issued early, and then the bull market sentiment just returned, with capital working together to push up, plus the market makers were very excited.
At that time, there were also similar projects like WLD, which actually had a very poor chip structure, with a large amount waiting to be released. However, there were not many 'high-quality targets' (that is, narratives recognized by everyone) that the market could push up, so market makers could easily achieve 'a little effort yields a great result'.
However, it can be seen through unlocks that the various VC coins that were released in clusters have a rather frightening unlocking schedule. For example, in May of last year, if I remember correctly, the highest unlocking month reached 5 billion USD.
5 billion USD unlocked in one month means that the released coins will definitely be sold, and this volume is very large—compared to 2019, when a project from an IEO on Binance opened with a market value of tens of millions, projects like MATIC also launched with low market values. This means that the coins unlocked in this round in one month are 100 times the scale of the market values of the major projects that were listed on Binance during the bull markets of 2019 and 2020.
At that time, it was studied and found that the unlocking of VC coins in this round is concentrated in 2024 and 2025, with continuous selling pressure every month. Teams and investors unlock and sell, and even sell through market makers at the opening. Everyone's main energy is focused on researching how to sell early.
