Between July 1 and August 1, 2026, scheduled token unlocks across crypto projects totaled nearly $2 billion in value, according to Streamflow, citing data from Tokenomist. The biggest single events were a cliff unlock of 82.5 billion PUMP tokens on July 12 and a Hyperliquid (HYPE) cliff of about $15.55 million around July 20. These one-time releases can create supply shocks and price volatility, especially when the unlocked tokens represent a large share of circulating supply.
The PUMP cliff
On July 12, 82.5 billion PUMP tokens hit a cliff — the first insider release worth roughly $125 million. That increased available supply by about 20.3% of the circulating base at the time, per Tokenomist. Two days later, the team wallet began distributing, moving over $6 million in the first hour and more than $19 million that day, reported by CryptoBriefing. A cliff is a one-time release of locked tokens at a set date before linear vesting continues. Recipients — teams, investors, advisors, market makers, and ecosystem funds — each have different sell incentives, so the actual market impact depends on how quickly they distribute.
Hyperliquid's turn
Hyperliquid (HYPE) had a cliff of about $15.55 million, around 8.6% of then-circulating supply, slated for around July 20, according to Tokenomist. That's a smaller absolute number than PUMP, but relative to float it's still significant. Key price drivers for cliff events include the size relative to circulating supply, unlock cadence, liquidity depth, and how recipients distribute post-cliff. Signals to watch include exchange inflows, on-chain outflows from team wallets, perp basis flips, open interest, and slippage on large quotes.
What unlocks mean for markets
Vesting cliffs introduce a lump of new tokens at once, creating a supply shock that can lead to price volatility. But not all unlocks hit the market immediately — distribution schedules can stretch for weeks. Overhang — known future supply that the market expects to arrive — often weighs on price ahead of time. Risk filters for cliff events include vesting docs, cliff size as a percentage of float, holder mix, market maker mandates, and treasury runway. For now, the July wave has passed, but the next batch of scheduled unlocks will be worth watching for similar patterns.
