Multiple Token Unlocks Set to Impact Crypto Markets in Early June

• SUI leads with a $157M token unlock on June 1, drawing major market attention.
• ENA and OP follow with large releases, possibly increasing short-term sell pressure.
• Nine projects unlock over $250M in value, impacting liquidity and token dynamics.

A series of major token unlocks is expected between May 27 and June 2, 2025. These could possibly add central liquidity to the crypto market and influence price dynamics across several assets.

According to new data from Phoenix Group, nine major blockchain projects will circulate tokens over seven days, totaling hundreds of millions of dollars in value. The unlocks span well-known tokens such as SUI, Optimism (OP), and dYdX (DYDX), as well as emerging names like Kamino (KMNO), Renzo (REZ), and Grass (GRASS).

Token unlocks occur when previously restricted tokens become available for trading, often as part of investor vesting schedules or ecosystem development plans. Their timing and scale can influence market behavior, especially if a large percentage of supply enters circulation simultaneously.

SUI Unlock Tops the List With Over $150 Million Release

Among the upcoming unlocks, the largest by value will involve Sui (SUI) . On June 1, the protocol will release $157.94 million worth of tokens, representing 1.32% of its total supply. The size of this unlock places it ahead of other scheduled releases and positions SUI as a central point for traders and analysts monitoring token-based market activity during the week.

On the same day, ZetaChain (ZETA) is expected to unlock tokens worth $11.28 million. While smaller in dollar value than SUI, the event will account for 5.34% of ZETA’s total token supply, marking it as a relatively large proportional release. DYDX will also join the June 1 unlock group, with $5.03 million in tokens scheduled to be added to circulation.

End-of-May Unlocks Include OP, KMNO, and REZ

Ahead of the June 1 events, Optimism (OP) will see $24.69 million in tokens unlocked on May 31. This release will make up approximately 0.75% of OP’s total supply. Kamino (KMNO), a less widely known project, will unlock $14.91 million tokens on the same day.

Renzo (REZ) will release the highest number of tokens by volume, totaling 236.70 million REZ on May 30. However, the overall value of this release stands at $3.24 million, suggesting a low per-token valuation at current market prices.

YGG and ENA Bookend the Weekly Schedule

YGG or Yield Guild Games, is starting the week with the biggest release, unlocking $2.41 million worth of tokens on May 27. At the end of the planned time on June 2, Ethena (ENA) will release 94.19 million tokens that add up to a total worth of $36.23 million. Only SUI tops ENA in the amount of funds released in a private sale which could attract more attention.

The list includes Grass (GRASS) as an upcoming unlock, but the exact schedule and prices are currently not available. Every time a new locked token is released, there is a chance of more selling if conditions in the market do not support higher prices.