Crypto Market to See $638M in Token Unlocks as Altcoin Market Continues Bleeding - Coinspeaker

Key Notes

• The market is set to see $638 million in token unlocks this week.
• HYPE leads in one time releases, with over $300 million worth of tokens entering circulation.
• The altcoin market has broken below the neckline of a weekly head and shoulders pattern.

Over $638 million in token supply is scheduled to enter the crypto market over the next seven days, according to data from Tokenomist.

The upcoming releases arrive as the altcoin market remains under pressure with thin liquidity and weak buyer interest.

Tokenomist data shows several large one time releases planned between Feb. 2 and Feb. 9, each valued above $5 million.

HYPE

HYPE $30.75

24h volatility: 1.0%

Market cap: $7.33 B

Vol. 24h: $761.04 M

leads by market value, with 9.92 million tokens worth over $300 million entering circulation.

XDC Network

XDC $0.0365

24h volatility: 5.5%

Market cap: $697.31 M

Vol. 24h: $42.21 M

, Berachain

BERA $0.46

24h volatility: 5.8%

Market cap: $67.90 M

Vol. 24h: $25.24 M

, and Ethena

ENA $0.14

24h volatility: 1.7%

Market cap: $1.10 B

Vol. 24h: $214.03 M

will also see token releases worth around $30 million each.

Several projects are seeing daily token additions through linear schedules, exceeding $1 million per day. RAIN leads, with 9.41 billion tokens worth over $90 million set to enter circulation this week.

Solana

SOL $102.5

24h volatility: 2.7%

Market cap: $58.08 B

Vol. 24h: $9.02 B

is also set to release around 479,120 SOL tokens valued at $48.24 million, representing just 0.08% of circulating supply.

Other notable daily releases include Canton (CC), Official Trump

TRUMP $4.16

24h volatility: 1.6%

Market cap: $966.84 M

Vol. 24h: $335.55 M

, and River (RIVER).

Related article: $464M Token Unlock Wave Hits Crypto During Market PullbackLarge supply releases bring newly tradable tokens into circulation. If these events come during a weak market phase, early holders often sell and add pressure on spot prices.

Altcoin Market in Stress

The scheduled token releases come as the broader altcoin market continues to weaken. On Feb. 2, total altcoin market capitalization fell by 4.4%, adding to past week’s losses.

Ethereum

ETH $2 288

24h volatility: 5.6%

Market cap: $276.07 B

Vol. 24h: $56.43 B

dropped 9.5% over the past day, while major altcoins like BNB

BNB $761.8

24h volatility: 2.3%

Market cap: $104.14 B

Vol. 24h: $2.75 B

and XRP

XRP $1.60

24h volatility: 3.7%

Market cap: $97.38 B

Vol. 24h: $5.35 B

also recorded sharp drops.

According to data by TradingView, the altcoin market cap recently fell below its 100 day simple moving average. This level previously failed in May 2022 during the last bear phase.

The altcoin market has also broken down below the neckline of a classic head and shoulders pattern on the weekly chart.

This suggests that altcoins are in distribution, not accumulation. Historically, this leads to deep underperformance across the market.

Head and shoulders pattern on the crypto market cap chart (excluding BTC). | Source: TradingView

Analysts warn that any near term altcoin rebound may result in short-term relief rallies rather than a sustained recovery.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.