Key Takeaways
- Token unlocks release the supply of the tokens, resulting in an increase in the coin circulation.
- With the unlocks over $2.1 billion unlocked across the industry, September could be a test of how strong crypto is in the face of economic factors.
- The dip that could arise after unlocks could be a good opportunity for long-term believers in strong projects to buy based on their risk appetite.
Token unlocks are a key moment for projects and investors as they carry major impact on future crypto prices. Once unlocked, previously held (and potentially locked) tokens (typically allocated for teams, early investors, or ecosystems) are released based on a fixed schedule. The unlocking schedule can vary from project to project.
These token unlocks can allow liquidity and raise project funding; however, unlocks represent a new supply that could strengthen the downward pricing pressure on the asset if demand doesn’t keep pace. The current month could be a busy month, as over $2.1 billion in total token unlocks will happen in various projects such as JTO, APT, PUMP, SEI, ARB, VELO, ZRO, and STRK based on recent market activity.
Overview of the Upcoming Token Unlocks
The table below summarizes the actual unlocks indicated for September 2025.It is important to keep in mind the actual impact could be influenced by the market condition, project announcements, and investor demand.
| Token | Project | Unlock Amount | % of Circulating Supply | Unlock Date |
|---|---|---|---|---|
| JTO | Jito (Solana-based liquid staking protocol) | $22.3M | 3.05% | Sep 7 |
| APT | Aptos (Layer-1 blockchain) | $47.8M | 1.65% | Sep 12 |
| PUMP | pump.fun (Solana memecoin launchpad) | $34.1M | 2.83% | Sep 14 |
| SEI | Sei Network (Layer-1 for trading) | $27.1M | 1.58% | Sep 15 |
| STRK | Starknet (Ethereum Layer-2 using ZK-rollups) | $15.9M | 3.33% | Sep 15 |
| ARB | Arbitrum (Ethereum Layer-2 scaling solution) | $45.1M | 1.75% | Sep 16 |
| VELO | Velo Protocol (cross-border payments network) | $27.9M | 11.4% | Sep 17 |
| ZRO | LayerZero (omnichain interoperability protocol) | $47.5M | 10.3% | Sep 20 |
These unlocks are part of their own vesting schedule for incentive alignment and to prevent dumping. The monthly distributions from the token launch are still happening in the projects of Aptos and Arbitrum. While VELO (11.4%) and ZRO (10.3%) will have larger percentage unlocks, they may create more supply shocks than way lower percentage unlocks in projects like SEI (1.58%).
Potential Market Impacts
Token unlocks may lead to volatility for these digital assets. In the past, unlocks mostly resulted in price drops as traders positioned themselves in expectation of selling by the recipient of the tokens. Stable project fundamentals or positive news can serve as a shock absorber; for example, access to unlocked tokens used for ecosystem grants, or burning tokens instead of selling, could use their unlocks to develop instead of flooding the market.
It becomes crucial for market investors to keep an eye on the on-chain data and keep track of the latest project updates. Tokens with a significant amount of the token unlocks to their supply, ZRO and VELO, will gain more attention, whereas established projects with broader user bases and market capitalization like Arbitrum (ARB) may be able to handle new supply with less impact.
What are token unlocks in crypto?
Token unlock is the locking schedule that releases locked tokens to the market. Tokens typically come from vesting periods for founders, investors, or community rewards and are meant to take care of the token so there are no immediate sell-offs after launch.
How do token unlocks affect prices?
Whenever the project unlocks the token, the supply increases for the relative asset. However, this rising supply can be absorbed if the project is fundamentally strong and has a decent adoption rate.
Why do projects have token unlocks?
The projects generally stage unlocks to bring alignment to the incentives of both the team and investors, fund the project, and continue to support the growth of the ecosystem. Staged token releases are important for market stability while also ensuring that there is a long-term commitment to the project.
