TIA, Celestia data availability network token, posted its best monthly gain this yearconfusing traders who expected a price drop as a result of the unlocking of $1.13 billion worth of tokens due next month. September’s market-beating 40% surge came against a backdrop of some market players seeking to hedge against the downside as concerns unlocking tokens due on Oct. 31, equivalent to 16% of its total supply, would flood the market and pressure prices. However, a bias towards short positions, likely stemming from hedging activity, may have caused short-term pressure, and contributed to TIA’s rally. “Traders try to sell first [unlock] event from Julyish. I would argue that the squeeze is on,” Jake Ostovskis, an independent trader at Wintermute, told CoinDesk.
