Top 7 Major Token Unlocks This Week: SUI, OP, ENA, EIGEN and Others. Token Unlock Analytics, Trading Volumes, Market Impact, and Key Factors for Global Investors.
Why Token Unlocks at Year-End Matter for Global Crypto Investors
The week marking the end of the year and the first days of January is often accompanied by thinner liquidity and increased price sensitivity to order flows. In such an environment, token unlocks become not just calendar events, but factors that can short-term alter the balance of supply and demand. For global investors, this is a practical issue of risk management: it is essential to understand the volumes hitting the market, how significant they are relative to market capitalization, and how this relates to fully diluted valuation (FDV).
The focus for the week of December 29 to January 4 is on seven projects: Sui (SUI), Audiera (BEAT), Ethena (ENA), EigenCloud (EIGEN), COCA (COCA), Kamino (KMNO), and Optimism (OP). Below is concentrated analytics based on numbers and a brief overview of each project to allow investors to correlate potential supply overhang with fundamental context.
Week Calendar: Key Dates and Unlock Volumes
Events are spread over several days, which is important for assessing risk concentration and potential volatility 'windows.' For convenience, here is a brief list with key parameters: volume, unlock value, and share of market cap.
- December 31: KMNO — 220.00M (2.20%), $11.00M, 22.0% of market cap; OP — 32.21M (0.75%), $8.85M, 1.66%.
- January 1: SUI — 55.31M (0.55%), $78.90M, 1.48%; BEAT — 21.25M (2.12%), $43.97M, 15.3%; EIGEN — 36.82M (2.07%), $14.44M, 7.44%.
- January 2: ENA — 94.19M (0.63%), $20.08M, 1.22%.
- January 3: COCA — 18.38M (1.84%), $12.99M, 16.2%.
The practical logic for crypto investors is straightforward: the higher the share of unlock from current market capitalization and the lower the average liquidity of the instrument, the higher the likelihood of short-term price pressure. However, the nominal value of the release is also important: large USD unlocks can change participant behavior even with a moderate share of market cap.
SUI (Sui): Infrastructure Play on L1 and Scalability
Sui is a Layer-1 blockchain focused on high throughput and low fees for applications and DeFi. For both institutional and retail investors, this asset is often perceived as an infrastructure play within the L1 segment.
- Unlock: 55.31M SUI (0.55%)
- Unlock amount: $78.90M
- % of market cap: 1.48%
- FDV: $14.26B; already unlocked: 37.4%
The key feature of SUI this week is the largest unlock by dollar value among the top-7. Even with a moderate share of market cap, investors typically monitor spot and derivatives reactions: the market often “prices in” events in advance, but during thin liquidity, sharp movements can occur.
OP (Optimism): Layer-2 for Ethereum and the Role of Governance Token
Optimism is one of the largest Layer-2 solutions in the Ethereum ecosystem, utilizing optimistic rollups. The OP token serves as a governance tool and is a component of the ecosystem's incentive model.
- Unlock: 32.21M OP (0.75%)
- Unlock amount: $8.85M
- % of market cap: 1.66%
- FDV: $1.18B; already unlocked: 41.2%
For OP, the event appears to be relatively “manageable” in volume, but context is critical: the asset is widely traded, and reactions may depend on sentiment regarding Ethereum L2 and the overall risk-on/risk-off sentiment in the crypto market.
EIGEN (EigenCloud): Restaking Thesis and Sensitivity to Supply Flows
EigenCloud (EIGEN) is associated with the theme of restaking and expanding economic security on top of Ethereum. From an investment perspective, this is a bet on an infrastructure layer for new services and security mechanisms.
- Unlock: 36.82M EIGEN (2.07%)
- Unlock amount: $14.44M
- % of market cap: 7.44%
- FDV: $698M; already unlocked: 21.4%
The high percentage relative to market cap (7.44%) makes EIGEN one of the more “sensitive” instruments of the week. It is essential for investors to monitor how tokens are distributed and how liquidity behaves: even with identical unlock amounts, price impacts may differ based on market depth and market maker activity.
ENA (Ethena): Stablecoin Model, Derivatives, and Emission Factor
Ethena is a project centered on a synthetic dollar asset and yield mechanisms tied to derivatives markets. ENA is the governance token and economic coordination tool within the protocol.
- Unlock: 94.19M ENA (0.63%)
- Unlock amount: $20.08M
- % of market cap: 1.22%
- FDV: $3.20B; already unlocked: 51.5%
For ENA, the unlock share from market cap is relatively low, but the token volume is significant. Investors should evaluate not only the absolute figures but also how the event correlates with USDe/yield dynamics and overall demand for yield strategies in the global crypto market.
KMNO (Kamino): Solana DeFi and Maximum Share of Market Cap
Kamino is a DeFi infrastructure within the Solana ecosystem (liquidity, strategies, lending). Due to the nature of DeFi, assets can react more sharply to token unlocks if liquidity is unevenly distributed.
- Unlock: 220.00M KMNO (2.20%)
- Unlock amount: $11.00M
- % of market cap: 22.0%
- FDV: $499M; already unlocked: 32.1%
KMNO is the most “aggressive” unlock of the week in terms of market cap share (22%). This does not automatically imply a decline, but it increases the probability of short-term selling pressure and spread widening. For global investors, this asset deserves increased monitoring on the day of the event.
BEAT (Audiera) and COCA: Niche Assets Where Liquidity is Everything
Audiera (BEAT) is positioned as a Web3 project at the intersection of music and user engagement mechanics. COCA is a payment and consumer-oriented crypto product related to payment infrastructure and tokenized bonuses. For such assets, the key risk from token unlocks is often less about the “idea” of the project and more about liquidity and holder behavior.
- BEAT: 21.25M (2.12%), $43.97M, 15.3% of market cap; FDV $2.08B; already unlocked 16.1%.
- COCA: 18.38M (1.84%), $12.99M, 16.2% of market cap; FDV $708M; already unlocked 21.8%.
In both cases, the unlock share from market cap is double-digit, increasing sensitivity to any sales. For investors, it makes sense to look at trading volume, market depth, and price dynamics leading up to the event, rather than solely focusing on the headline figures.
How Investors Can Use the Unlock Calendar: A Checklist for the Week
Below is a practical set of steps that helps integrate token unlocks into trading and investment discipline. This is especially relevant for portfolios aimed at the global market (USA, Europe, Asia) and operating across different time zones.
- Match unlocks with liquidity: an identical % of market cap can yield different effects depending on market depth.
- Look at FDV and share of already unlocked tokens: a high FDV with a low current share of unlocked tokens increases sensitivity to future releases.
- Note the “red zones” of the week: KMNO, COCA, and BEAT stand out with double-digit shares of market cap.
- Separate short-term and mid-term logic: in the short-term, supply flow is crucial; mid-term, fundamentals and demand for the product take precedence.
- Account for the end of the year: seasonal liquidity factors may amplify volatility even on moderate unlocks.
The bottom line of the calendar is simple: token unlocks are not price forecasts but rather event maps that allow investors to pre-identify areas of heightened risk and make decisions regarding positions, hedging, or exposure size.
