Title: "TIA - an OTC story" Author: Taran Sabharwal, founder of the cryptocurrency over-the-counter trading platform STIX Compiled by: Zombiet

Overview of Net New Supply as of October 31, 2024

We use on chain data (via Celerium API) to accurately determine how unlocking dynamics may shape TIA's price trend in November. The above table shows the results, and we have concluded that a total of $92.3 million TIAs will enter circulation after unlocking, which will become the upper limit of overall spot selling pressure.

The $TIA has a 21 day staking period, and those who wish to unlock the trading TIA on October 31st have already released the staking. The total number of unsecured tokens, tokens in the 21 day staking queue, and approximately 24.1 million tokens that have not been counted is equal to 92.3 million TIAs.

This is equivalent to a maximum selling pressure of approximately $460 million. Equally interesting is that this accounts for less than 50% of the total cliff unlocking volume, which means the selling pressure is only half of what people expected.

Another interesting data is that the ratio of the (actual) increase in circulation supply to the current circulation supply is 41.8%.

The first wave of unlocked tokens was sold to OTC (over-the-counter) buyers who hedged on perpetual contracts, resulting in a surge in open interest over the past few months. We expect these large short positions to continue closing, partially offsetting the pressure of spot selling. This capital reset may be a bullish signal for spot buyers.

The assumption in our analysis is that buyers in OTC rounds have 11 million TIA cliff unlocks, which are included in non collateralized buckets (these tokens come from vault wallets and have not been marked on the browser). We have drawn a total of 292 attributed wallets, some of which were not fully drawn. We have included this gap in the non pledged buckets.

History of $TIA OTC on STIX

Undoubtedly, Celestia is one of the most actively traded assets off the exchange during this cycle, mainly because in the early stages of the cycle, it provides an early bullish opportunity for buyers who crave directional trading. Sellers were also incentivized by a large amount of unrealized profits and losses, and did not anticipate the upcoming bull market (Q3 2023).

In the first quarter of 2024, the bull market has matured and the $TIA has risen above $20. At this time, there is very little off exchange trading activity because sellers are unwilling to accept larger discounts (over 40%), and buyers do not want to bid above the upper limit of $8.5. We hardly saw any activity because the seller "feels" wealthy and wants to maintain risk exposure, even if there is an opportunity to achieve investment returns of 100 to 800 times.

When $TIA fell below $5, the situation changed, and this was also the time when the Celestia Foundation began raising $100 million through OTC at a price of $3. The buyer's attribution criteria are the same as those for private investors - unlocking 33% on October 31st (less than 2 months from the round) and linear unlocking for 12 months.

In the third and fourth quarters of 2024, $TIA's over-the-counter trading activity was very active, and sellers unloaded multiple positions. We traded a large quantity of tokens for the first wave of unlocking and the entire unlocking process. As for STIX, the total transaction volume of $TIA since July is approximately $60 million, which may indicate that the actual transaction volume through various liquidity channels is over $80 million (assuming STIX holds 75% of the OTC market share).

summary

Short positions will continue to close until unlocked, and funding rates may be reset to 0 or positive. Those who missed the deadline for releasing their pledge on October 9th may have already released their pledge in October, leading to a further increase in spot supply in November (ready to be sold). In any case, the supply shock is enormous and one of the most widely spread unlocking events of this cycle, coupled with suppressed off exchange trading discounts, may create significant market volatility for the coin.

Related articles: "Even without unlocking, you can still make a profit! Celestia seed round investors can recoup their investment every 3.5 days by staking rewards" "Celestia just announced the completion of a $100 million financing, and institutions are about to unlock it

(责任编辑：私募资讯)

• ·零售巨头遭遇“高度复杂且有针对性”的网络攻击，敏感客户数据泄露，损失 4.03 亿美元
• ·回购库存股的会计分录是什么
• ·Cetus 协议遭受 2.6 亿美元黑客攻击 – 安全危机导致 SUI 下跌 15%
• ·会计报表如何把账面亏损变盈利
• ·SNT币发行量及其用途解析
• ·东台今天什么什么风-东台今天什么天气
• ·墙倒众人推，以太坊陷入穷途末路？还有机会吗？
• ·昆仑万维收盘跌0.66%，主力资金净流出1.73亿元
• ·蓝图币交易平台
• ·共和黨眾議員要求 SEC 主席解釋其對「代幣空投」的態度
• ·On a certain Ethereum chain, a giant whale has entered and exited four times, achieving a perfect record in short-term trading
• ·渝开发：与上海复地签订 31,000 万元的债权转股权增资协议
• ·股票主力减仓
• ·气候与什么什么有关-气候与什么什么有关英语
• ·股票亏损卖出
• ·如何确定租赁资产的总折旧额？