More than $621 million worth of tokens unlocked across multiple crypto projects during the first week of May 2025, releasing new supply into the market. The largest distributions came from Hyperliquid, Ethena, and RedStone, each sending tokens to core contributors, investors, and early backers.
Hyperliquid's modest release
Hyperliquid (HYPE) unlocked 422,000 tokens valued at $17.5 million on May 6. That represents just 0.18% of its released supply of 425.24 million — a relatively small slice. Data from Tokenomist shows Hyperliquid has historically claimed fewer tokens than the amounts projected for unlock, meaning the actual circulating supply increase may have been less than expected.
Ethena's allocation to insiders and investors
Ethena (ENA) unlocked 171.88 million tokens worth $17.28 million on May 5. Core contributors received 93.75 million tokens, while investors got 78.13 million. The unlock added fresh supply to a market already watching Ethena's tokenomics closely after previous distribution events.
RedStone's multi-team distribution
RedStone (RED) unlocked 40.85 million tokens worth $5.54 million on May 6, representing 12.2% of its released supply of 334.94 million. The tokens went to early backers, core contributors, ecosystem funds, and development teams. The spread of recipients suggests a deliberate effort to align incentives across the project's stakeholders.
Other unlocks and what Tokenomist flagged
Space and Time (SXT), Opinion (OPN), and BounceBit (BB) also had token unlocks during the same week, adding to the total $621.4 million figure. Tokenomist's observation about Hyperliquid's tendency to claim fewer tokens than projected is worth noting — it means actual selling pressure from that unlock could have been lower than the headline number suggests.
