Token unlocks are often discussed too simplistically.
New supply is bearish only if demand can't absorb it.
Consider two projects:
Project A unlocks 10% of supply while user growth stagnates.
Project B unlocks 10% while usage, revenue and new demand are accelerating.
Same unlock.
Completely different market impact.
Supply matters—but supply relative to demand matters more.
$EDEN $BEAT $APR
New supply is bearish only if demand can't absorb it.
Consider two projects:
Project A unlocks 10% of supply while user growth stagnates.
Project B unlocks 10% while usage, revenue and new demand are accelerating.
Same unlock.
Completely different market impact.
Supply matters—but supply relative to demand matters more.
$EDEN $BEAT $APR