Hyperliquid, Ethena, and Aptos Face Major Token Unlocks
In the first week of October, $1.11 billion in new tokens will be released, with HYPE, ENA, and APT as the biggest unlocks. That could make trading around Hyperliquid, Ethena, and Aptos extra volatile.
Key Takeaways
- In the first week of October, $1.11 billion worth of tokens will be released into the crypto market.
- Hyperliquid has the biggest unlock on October 6, with 3.75 million HYPE worth about $340 million.
- Ethena and Aptos follow on October 5 and 11 with $41.52 million ENA and $9.06 million APT, respectively.
In the first week of October, $1.11 billion (€1 billion) worth of tokens will be released into the crypto market. The biggest unlocks are for Hyperliquid, Ethena, and Aptos. These releases can make trading extra volatile in the days around the unlock, especially since a big part of the market already prices in these moments ahead of time.
Hyperliquid Gets the Biggest Unlock
Hyperliquid unlocks 3.75 million HYPE on October 6, worth about $340 million (€303 million). That is 1.69% of the released supply, which comes to 474.83 million HYPE out of a total supply of 1 billion tokens. The team allocation stands out because it was previously reported that the released tokens would go to one institutional buyer.
Hyperliquid is a decentralized perpetual futures exchange on its own Layer-1 blockchain. The platform is known for fast trading, on-chain order books, and transactions that settle in less than a second. The token moves around HYPE are getting extra attention now that a major buyer has also kept accumulating the coin recently.
Ethena and Aptos Follow
Ethena unlocks 171.88 million ENA on October 5, worth $41.52 million (€37 million). That is 1.88% of the released supply. Of these tokens, 93.75 million go to core contributors and 78.13 million to investors. Ethena is a synthetic dollar protocol on Ethereum and uses USDe as its flagship product; ENA is the protocol’s governance token.
Aptos follows on October 11 with 11.31 million APT, worth $9.06 million (€8.1 million). That is 0.64% of the released supply. Aptos distributes the tokens among core contributors, the community, investors, and the foundation. The project is building a Layer-1 blockchain for dApps and Web3 applications, with the Move language as the base for smart contracts.
Why This Matters
Token unlocks often get extra attention because new supply can affect trading around a token. Earlier studies also found that unlocks often line up with weaker price performance in the week before and after the release, although the effect varies by project and market environment. For European crypto followers, this is especially relevant for tokens with a large free float or a clear institutional split, such as HYPE and ENA.
