The crypto market is heading into a critical supply event as more than $657 million worth of tokens are set to be unlocked and released into circulation during the first week of January 2026.
Among the most closely watched unlocks are Hyperliquid (HYPE), Ethena (ENA), and Aptos (APT) — three large ecosystems whose token releases could significantly impact short-term market dynamics.
Token unlocks often introduce fresh liquidity, but they can also increase selling pressure, especially when allocations are directed toward core contributors or early investors. Below is a detailed breakdown of the most notable unlocks scheduled for early January.
1. Hyperliquid (HYPE)
Unlock date: January 6
Tokens unlocked: 12.46 million HYPE
Circulating supply: 345.08 million HYPE
Total supply: ~1 billion HYPE
Hyperliquid is a high-performance decentralized perpetual futures exchange built on its own Layer-1 blockchain. The platform is known for its fully on-chain order book, fast execution, and non-custodial trading model, aiming to deliver a centralized-exchange-like experience without sacrificing transparency or security.
On January 6, Hyperliquid is scheduled to unlock 12.46 million HYPE tokens, with an estimated value of approximately $330.51 million, representing 3.6% of the current circulating supply.
According to the release schedule, all unlocked tokens will be allocated to core contributors, which may draw market attention due to the size and recipient profile of the unlock.
This event follows a previous unlock of 9.92 million HYPE tokens released last week, making the early January period particularly important for monitoring supply-side dynamics.
2. Ethena (ENA)
Unlock date: January 5
Tokens unlocked: 171.88 million ENA
Circulating supply: 7.24 billion ENA
Total supply: 15 billion ENA
Ethena is a synthetic dollar protocol built on Ethereum, best known for USDe, a synthetic USD-pegged asset designed to maintain stability through delta-neutral strategies. The ENA token functions as the protocol’s governance token, enabling community participation in key decisions.
On January 5, Ethena will unlock 171.88 million ENA tokens, valued at approximately $42.91 million, accounting for 2.37% of the circulating supply.
The allocation breakdown shows:
93.75 million ENA distributed to core contributors
78.13 million ENA allocated to investors
Given ENA’s relatively large circulating supply, the market impact may depend on how recipients manage their newly unlocked tokens.
3. Aptos (APT)
Unlock date: January 11
Tokens unlocked: 11.31 million APT
Circulating supply: 1.62 billion APT
Total supply: 2.6 billion APT
Aptos is a Layer-1 blockchain focused on high throughput, scalability, and security, leveraging the Move programming language and parallel transaction execution. The network supports a wide range of Web3 use cases, including DeFi, NFTs, gaming, and consumer applications.
As part of its regular monthly vesting schedule, Aptos will unlock 11.31 million APT tokens on January 11, with an estimated value of $21.94 million, representing 0.70% of the circulating supply.
The distribution is structured as follows:
3.96 million APT to the core team
3.21 million APT to the community
2.81 million APT to investors
1.33 million APT to the foundation
Compared to other unlocks this week, Aptos’ release is relatively modest in size but remains relevant due to its consistent monthly supply increases.
Other Token Unlocks This Week
In addition to HYPE, ENA, and APT, several other projects are also scheduled to release new tokens into the market, including Linea (LINEA), Movement (MOVE), IOTA (IOTA), and more.
These combined unlocks could contribute to heightened volatility and shifting liquidity conditions across the broader crypto market.
Final Notes
Token unlock events are a key on-chain factor to monitor, as they can influence short-term price action, liquidity, and market sentiment. Traders and investors often track not only the size of the unlock but also who receives the tokens and how frequently similar releases occur.
📌 This article is for informational purposes only and reflects personal observations. It does not constitute investment advice. Always conduct your own research before making any financial decisions, and take full responsibility for your actions.
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