TOKEN2049 Singapore, October 7–8. A few unlocks—just so happen to get stuck right around here
The days when institutions, market makers, and the most concentrated attendee funds are present are also when supply is the most concentrated
On October 1, $SUI unlocks about 13.26 million tokens; the circulating ratio is roughly 0.32%, worth about $16.7 million
On the same day, $EIGEN unlocks about 36.82 million tokens; circulating ratio 5.19%, about $10.3 million
On October 2, $ENA releases about 40.63 million tokens following a monthly rhythm; circulating ratio 0.45%, about $11 million
The amounts aren’t particularly extreme
But when a few happen to overlap and coincide with a major event, time itself becomes an amplifier
—
ENA, one more thing to add
After the tokenomics was adjusted in August, the remaining investor allocation that was originally scheduled for March 2028 was moved up and released all at once on October 5
The market’s figures are roughly 1.41 billion tokens; plus the total of regular allocations for core contributors, it brings the number to about 1.5 billion tokens. The headline numbers are really scary
But StablecoinX’s roughly 3.03 billion tokens are locked up and, although they reach maturity in the same period, selling is still constrained by the foundation’s approval rights and preferential purchase rights
The actual amount that can enter the market is much smaller than the headline suggests
EIGEN’s next unlock is about 38 million tokens around October 11, still at the tail end of the conference week
//
“Unlocking doesn’t mean dumping”—we’ve said this many times, but you also can’t treat it like a get-out-of-jail-free card
The circulating share of SUI and ENA’s regular allocations is already not high; some early holdings may have been repurchased by the foundation or pre-hedged
What really matters is whether wallets send tokens to exchanges, how the funding rate moves, and whether the distribution of orders on the order book changes. Those expectations should first show up there
If the conference news is heavily positive, it won’t be hard for buy-side demand to eat through sell pressure. If the narrative is bland, then the same supply turns into a distribution window
Time overlap amplifies sentiment—not the tokens themselves.
The days when institutions, market makers, and the most concentrated attendee funds are present are also when supply is the most concentrated
On October 1, $SUI unlocks about 13.26 million tokens; the circulating ratio is roughly 0.32%, worth about $16.7 million
On the same day, $EIGEN unlocks about 36.82 million tokens; circulating ratio 5.19%, about $10.3 million
On October 2, $ENA releases about 40.63 million tokens following a monthly rhythm; circulating ratio 0.45%, about $11 million
The amounts aren’t particularly extreme
But when a few happen to overlap and coincide with a major event, time itself becomes an amplifier
—
ENA, one more thing to add
After the tokenomics was adjusted in August, the remaining investor allocation that was originally scheduled for March 2028 was moved up and released all at once on October 5
The market’s figures are roughly 1.41 billion tokens; plus the total of regular allocations for core contributors, it brings the number to about 1.5 billion tokens. The headline numbers are really scary
But StablecoinX’s roughly 3.03 billion tokens are locked up and, although they reach maturity in the same period, selling is still constrained by the foundation’s approval rights and preferential purchase rights
The actual amount that can enter the market is much smaller than the headline suggests
EIGEN’s next unlock is about 38 million tokens around October 11, still at the tail end of the conference week
//
“Unlocking doesn’t mean dumping”—we’ve said this many times, but you also can’t treat it like a get-out-of-jail-free card
The circulating share of SUI and ENA’s regular allocations is already not high; some early holdings may have been repurchased by the foundation or pre-hedged
What really matters is whether wallets send tokens to exchanges, how the funding rate moves, and whether the distribution of orders on the order book changes. Those expectations should first show up there
If the conference news is heavily positive, it won’t be hard for buy-side demand to eat through sell pressure. If the narrative is bland, then the same supply turns into a distribution window
Time overlap amplifies sentiment—not the tokens themselves.