Here’s what happened in crypto today

EigenLayer Token Unlock Approaches as Analysts Anticipate a Bullish Launch

The token unlock for EigenLayer, an Ethereum restaking protocol, is set for 5:00 AM UTC on October 1. Analysts are predicting a positive debut for the token, EIGEN. Meanwhile, NFT sales are struggling, hitting their lowest level since 2021, while on-chain analytics firm Santiment suggests that Bitcoin won't see a new all-time high unless social sentiment cools.

EigenLayer Token Unlock on the Horizon The unlocking of EigenLayer's native token, EIGEN, is scheduled for October 1 at 5:00 AM UTC. Since its launch in May, the token has been non-transferable. Futures markets indicate an opening price of approximately $4 per token, hinting at a bullish start.

According to Aylo, the pseudonymous founder of Alpha Please, “The most likely scenario is that airdrop farmers will initially sell off, impacting the price. However, I anticipate significant interest in acquiring EIGEN at lower prices throughout the cycle.” With a total supply of 1.67 billion tokens, EIGEN's fully diluted market capitalization could reach $6.7 billion at launch.

As of September 30, EigenLayer had nearly $12 billion in total value locked, according to DefiLlama.

NFT Sales Decline to Lowest Monthly Volume Since 2021 NFT sales continued their downward trend in September, with monthly sales failing to bounce back. Data from CryptoSlam reveals that NFT sales amounted to $296 million in September, a 20% decline from August's $373 million and an 81% drop from the $1.6 billion recorded in March, the strongest month for digital collectibles in 2024.

NFT sales volumes have not dipped below $300 million since January 2021, when they fell to $109 million. Additionally, total NFT transactions plummeted by 32%, dropping from 7.3 million in August to 4.9 million in September.

Despite the negative trends in September, the average value of NFT transactions rose by 18%, increasing from $50.71 in August to $60 in September.

New Bitcoin ATH Unlikely Amid High Social Sentiment Santiment indicates that Bitcoin is unlikely to reach a new all-time high in the near future, as market sentiment is currently at a peak. On September 30, Santiment pointed out that those anticipating a new Bitcoin ATH may need to wait until social sentiment cools.

The analysis showed there are currently 1.8 bullish posts about Bitcoin for every bearish post. As of now, Bitcoin is trading at $64,406, approximately 12.6% lower than its all-time high of $73,734 reached in March, according to CoinGecko. Furthermore, the asset experienced a significant drop during early trading on September 30, falling nearly 2% in the last six hours.