February presents a significant supply test for the cryptocurrency market, with over $2 billion in token unlocks scheduled. While some tokens face pressure, differentiation is emerging, as demonstrated by Hyperliquid‘s 30% surge despite its large unlock. Other projects like Story are opting to delay their events to manage sell pressure and align long-term incentives.
The cryptocurrency market faces a concentrated supply test this month. More than $2 billion in token unlocks are scheduled across major projects in February.
According to CryptoRank data, Rain leads the list with over $359 million in tokens set to enter circulation. It is followed by Zama, LayerZero, and Aster.
Several mid-cap tokens are also set for meaningful unlocks relative to their market size. These include Berachain and Stable.
Hyperliquid defied typical supply-driven pressure this week. Its token surged nearly 30% despite recording the largest unlock by dollar value.
Demand was supported by the launch of HIP-3, which opened the door to permissionless perpetual markets. This pushed trading volume and open interest to record highs near $1.1 billion.
The team also confirmed that only a small portion of team tokens will be claimed soon. Furthermore, a Kraken listing and addition to Coinbase’s listing roadmap provided additional support.
In contrast, Story has taken a different route by postponing its token unlock. The decision to delay the IP token unlock by six months moves the event from February to August.
This action reduces near-term sell pressure while the network scales. It keeps team and investor incentives aligned with users for a longer period.
The month’s events show the market is starting to differentiate between projects. Some tokens are struggling under the new supply, while others like Hyperliquid are holding firm.
