Aptos, a Layer 1 protocol founded by ex-Facebook employees, will release 20 million aptos (APT) tokens in November, according to data source TokenUnlocks.

The impending APT unlock is worth $103 million at the token’s current market price of $5.15 and equals more than 8.5% of Aptos’ circulating supply of 235.02 million.

Tokens are often locked to keep the big bag holders – early investors and project team members – from liquidating their holdings all at once, for such an act would crater the market value.

According to research firm The Tie, APT’s November unlock will free up significant liquidity.

“The significant token unlocks for investors and main contributors are scheduled for Nov. 11. The collective 20 million APT (equivalent to $106 million) to be unlocked then equates to 112% of the average daily trading volume over the prior 30 days,” The Tie’s weekly newsletter dated Sept. 13 said.

“These unlocks will take place on a monthly basis and will coincide with monthly staking reward unlocks (5.83 million APT or 32% of the daily average volume, set to increase to 6.15 million APT in December). Additionally, since last year, 4.62 million APT have been unlocked monthly for community and foundation purposes,” The Tie added.

The research firm said early this year that unlocks that free up liquidity, or those that represent over 100% of the average daily volume, tend to weigh over prices.

The latest positioning data from the perpetual futures market tied to APT suggests crypto traders have grown bearish on the cryptocurrency.

Open-interest-weighted funding rates are now at their most negative since February. A negative rate implies that shorts are paying longs to keep their bearish bets open.

Open interest in token terms, representing the number of active contracts, rose to 5.33 million APT on Wednesday, reaching the highest since Aug. 17. An uptick in open interest alongside negative funding rates indicates that leverage is skewed to the bearish side.