The crypto market is heading into a critical supply test just as prices remain under heavy pressure. A large wave of token unlocks between February 2 and February 9 is set to hit the market, raising concerns about fresh selling pressure.
This comes at a fragile moment. Over the past few days, the crypto market has seen one of its largest crashes, with nearly $500 billion wiped off total market value and around $5 billion worth of leveraged positions liquidated. Against this backdrop, additional supply entering circulation could weigh further on prices.
A big part of the pressure comes from cliff unlocks, where large token batches are released at once. HYPE alone is unlocking about 9.9 million tokens worth roughly $305 million, making it the largest single event this week. XDC follows with around $30 million, while BERA and ENA are each unlocking close to $30 million worth of tokens.
Source:
X
These cliff unlocks matter because they can hit the market all at once. When hundreds of millions of dollars in new supply appear suddenly, prices can react quickly, especially when demand is already weak.
At the same time, linear unlocks are adding continuous supply throughout the week. RAIN is set to unlock tokens worth about $91 million, while Solana (SOL) will see roughly $48 million worth of tokens released. Other tokens include CC at around $34 million, TRUMP near $26 million, RIVER at about $19 million, WLD close to $15 million, and DOGE adding around $10 million.
Individually, these numbers may look manageable, but together they create constant selling pressure day after day, which can weigh heavily on prices during a downturn.
In total, the value of tokens unlocking over the next seven days exceeds $638 million, and broader estimates that include additional projects put the figure at over $1.05 billion. That makes this one of the largest short-term token unlock periods in recent months. In stronger markets, such supply is often absorbed. In the current environment, even a fraction of these tokens being sold could push prices lower.
As prices remain under pressure, traders are closely watching whether newly unlocked tokens are held or sold.
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