$H circulating supply gets a 7.92% unlock in 3 days. But something interesting is happening onchain.
266.47M tokens unlock, 7.92% of circulating supply. The largest slice comes from Early Contributors, 79.17M tokens ($5.98M), then Investors at 55.56M ($4.20M). Combined across six allocations, that's roughly $20M in supply.
But there's a counter-move happening in the last few days
Bulk withdrawals from exchanges into fresh wallets. Six major ones, plus smaller amounts:
$5.62M, $4.28M, $4.11M, $2.34M, $1.97M, $1.31M
Roughly $20M total, and these wallets are holding. Not sending back to exchanges, not selling.
That's the opposite of what you'd expect heading into an unlock. In a window where selling pressure is usually the concern, someone's pulling supply off exchanges and sitting on it instead. That points to accumulation, or at least an intent to hold rather than sell.
Structure backs it up
OI at 12% of mcap, futures at 8.0x spot, both in the healthy range. L/S at 1.11, close to balanced. Top trader positions at 2.48, far more weighted long than the crowd. The split is real and leans up.
Taker at 0.93, slightly seller-heavy, but price is only down 2.85% in 24h, a modest pullback so far.
266.47M tokens unlock, 7.92% of circulating supply. The largest slice comes from Early Contributors, 79.17M tokens ($5.98M), then Investors at 55.56M ($4.20M). Combined across six allocations, that's roughly $20M in supply.
But there's a counter-move happening in the last few days
Bulk withdrawals from exchanges into fresh wallets. Six major ones, plus smaller amounts:
$5.62M, $4.28M, $4.11M, $2.34M, $1.97M, $1.31M
Roughly $20M total, and these wallets are holding. Not sending back to exchanges, not selling.
That's the opposite of what you'd expect heading into an unlock. In a window where selling pressure is usually the concern, someone's pulling supply off exchanges and sitting on it instead. That points to accumulation, or at least an intent to hold rather than sell.
Structure backs it up
OI at 12% of mcap, futures at 8.0x spot, both in the healthy range. L/S at 1.11, close to balanced. Top trader positions at 2.48, far more weighted long than the crowd. The split is real and leans up.
Taker at 0.93, slightly seller-heavy, but price is only down 2.85% in 24h, a modest pullback so far.