Crypto Market Faces $116 Million Supply Shock From Token Unlocks Between Sep 1-7

• Ethena unlock of $108M sparks resistance at $0.662 as selling outweighs demand
• IOTA struggles to hold $0.191 support after $1.71M unlock despite rising volume
• Mid-tier unlocks deepen declines as HONEY, STIK, SPEC face weak market support

More than $116 million in insider-held crypto tokens are set to unlock in the first week of September, putting significant selling pressure on several key projects. These scheduled releases for team members, founders, and private investors are a critical event for traders, with tokens like Ethena (ENA) and IOTA in the spotlight. 

Several other tokens, including Hivemapper (HONEY), Staika (STIK), and Spectral (SPEC), are now in focus as traders watch how these unlocks influence short-term market behavior.

$108M Ethena (ENA) Unlock Tests Key $0.640 Support

Ethena (ENA) faces the biggest test, with an unlock of over $108 million hitting the market, representing 2.6% of its supply. The selling pressure is already visible in the price, which has slipped 1.58% even as 24-hour trading volume jumped 14%.

This action shows traders are selling into the liquidity. ENA is now pinned between firm resistance at $0.662 and immediate support at $0.640. If the token can’t hold the $0.640 level, it will likely see further downside.

IOTA, Hivemapper, and Staika Unlocks Add to Downward Pressure

IOTA, which unlocked $1.71 million, also displayed weakness. The token rallied briefly to $0.202 but later declined toward $0.191, a level now serving as critical support. 

With its market cap at $766 million and volume climbing nearly 9%, the increased trading activity hints at heightened speculation. However, failure to hold above $0.191 could invite further losses.

Mid-Tier Unlocks Show Bearish Momentum

Beyond the larger caps, smaller unlocks carried their own challenges. Hivemapper (HONEY) released $1.63 million in tokens, slipping 2.72% to trade near $0.01804. 

Support sits close to $0.018, with resistance at $0.0188. Lower trading activity, down 7.5%, reflects declining market participation despite the fresh supply.

Staika (STIK) unlocked $1.23 million, falling nearly 5% in the last 24 hours. The token tested resistance at $0.8013 but failed to hold, sliding back toward $0.766. If this support gives way, further downside is likely.

Spectral (SPEC) saw a sharp unlock relative to its size, with over 12% of its supply released. The price dropped nearly 4%, settling near $0.440. While volume surged 18%, the selling pressure outweighed buying interest, reinforcing a bearish tone.

Why Traders Are Watching These Weekly Supply Shocks

This week’s unlocks are a small part of a much larger supply issue facing the market. For context, more than $2.5 billion worth of tokens were unlocked in August alone. These events are critical supply shocks that can cap rallies and accelerate downturns. 

From mid-tier unlocks to massive events, like the nearly $1 billion in official Trump (TRUMP) tokens that recently hit the market, these scheduled releases are a key data point for any serious trader.