CandleFocus

Celestia's TIA Posts Biggest Monthly Gain This Year Even as Impending $1.13B Token Unlock Spurs Hedging

The token of blockchain network Celestia, TIA, has seen a strong surge in price this month, outperforming the broader market by a significant margin. This comes as traders had positioned themselves for a drop in price due to a $1.13 billion token unlock scheduled for next month. However, the market-beating rally has confounded expectations and may be due to an increase in TIA hedging demand ahead of the unlock. Bearish short positions have been crowded out, signaling a potential short squeeze that has contributed to the price surge. Additionally, a recent $100 million fundraise by Celestia may have given bears further reason to exit shorts, adding upward momentum. The impending unlock event may have already been priced in by the market.

Related News