The TRS distributions do not necessarily go directly to sale on the open market— in fact, it appears that the vast majority are being held.

All 2296 Purchaser TRS participant addresses and Aion Founders TRS addresses can be reviewed by the public.

When the author last checked the Purchaser TRS participant addresses on May 9, 2018, 78.83% of the total tokens distributed to Purchaser TRS participants by that date were still held in participant addresses (This was done manually with individual API calls and a spreadsheet. The author invites anyone with the technical know-how to automate the process so real-time statistics can be made available upon request).

Similarly, as of this writing on July 8, 2018, Aion Founders still hold 43,852,847.09 (72.14%) of the tokens distributed through its TRS. Founder Matt Spoke mentioned recently that, as Aion completes its transition to a not-for-profit foundation, additional accounting and financial reporting will be made available to the public.

The total number of addresses holding Aion ERC20 tokens as of this writing July 8, 2018 has grown significantly to 20,050 — over 13x the number of Aion addresses when the tokens were minted and nearly 9x the number of TRS participant addresses.