Token unlocks worth over $229m put HYPE, ENA and RED on watch

Crypto markets are set for a busy token unlock period between May 4 and May 11. 

According to Tokenomist data shared by WuBlockchain, large cliff and linear unlocks will release more than $229 million in tokens this week.

These releases include Hyperliquid, Ethena, Space and Time, RedStone, Opinion, Rain, Solana, Corn, TRUMP, Worldcoin and Bittensor. Traders often track unlocks because new supply “could” add short-term selling pressure if demand does not absorb it.

HYPE and ENA lead cliff unlocks

Hyperliquid will unlock 422,000 HYPE tokens worth about $17.51 million. The release equals 0.11% of adjusted released supply, making it one of the largest cliff unlocks by dollar value this week.

Ethena will also release 171.88 million ENA tokens worth around $17.28 million. The unlock accounts for 2.12% of adjusted released supply. ENA is the governance token of Ethena, the Ethereum-based protocol behind the USDe synthetic dollar.

SXT, RED and OPN add more supply

Space and Time will unlock 387.64 million SXT tokens valued at about $5.96 million. The release represents 23.20% of adjusted released supply, making it the largest unlock by supply ratio among the listed cliff unlocks.

RedStone will release 40.85 million RED tokens worth about $5.54 million. The amount equals 12.20% of adjusted released supply. Opinion will also unlock 32.09 million OPN tokens worth about $5.45 million, equal to 12.22% of adjusted released supply.

Linear unlocks add daily market pressure

Tokenomist data also shows large linear unlocks from May 4 to May 11. Rain leads this group with 10.47 billion RAIN tokens worth $78.39 million, equal to 2.19% of circulating supply.

Solana follows with 464,650 SOL worth about $38.90 million. The release equals only 0.08% of circulating supply, giving it a smaller supply ratio despite its larger dollar value.

Corn will unlock 191.71 million CC tokens worth $28.36 million, equal to 0.50% of circulating supply. TRUMP will release 6.33 million tokens worth $14.75 million, equal to 2.72% of circulating supply.

Worldcoin will unlock 37.23 million WLD tokens worth $9.70 million. Bittensor will release 25,200 TAO tokens worth $7.29 million.