According to the latest on-chain data tracking, a wave of token unlocks is expected next week. Ecosystem tokens across multiple public chains are releasing large amounts of chips within this time window, which is worth paying attention to.

Specifically, Hyperliquid's HYPE token will unlock approximately 12.46 million tokens on January 6th (UTC+8) at 8:00 AM, accounting for 3.61% of the current circulating supply, with a corresponding value of about $313 million. A few days later, on January 5th at 3:00 PM, Ethena's ENA token will unlock about 171 million tokens, representing 2.37% of the circulating supply, with a scale of approximately $42 million.

In the Aptos ecosystem, APT will unlock on January 11th at 10:00 AM, involving about 11.31 million tokens, which is 0.70% of the circulating supply, with a USD value of about $21.6 million. Meanwhile, the LINEA token of the Linea network has the largest unlock scale—about 1.38 billion tokens will be released on January 10th at 7:00 PM, accounting for 6.34% of the circulating supply. Although the unit price is relatively low, the total volume is huge. Movement's MOVE token will also unlock on January 9th.

From past experience, large unlocks often put pressure on token prices. While some institutional tokens have high market caps early on, ongoing unlock cycles and continuous chip supply pressure can lead to long-term price suppression. The underlying logic is quite simple—costless tokens always provide holders with the motivation to sell and realize profits. Retail investors should be prepared for risk management during this period.