February brings a supply test to crypto.
More than $2 billion in token unlocks are expected this month, but some price action indicates the market is starting to differentiate. Some tokens are struggling, while others are holding on.
Here is the recap.
A busy unlock schedule
February is expected to be a busy month in terms of token supply, with around $2 billion in releases planned for major projects.
According to CryptoRank data, Rain (RAIN) tops the list with over $359 million in tokens ready to enter circulation, followed by Zama (ZAMA), LayerZero (ZRO), and Aster (ASTER).
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Several mid-cap tokens are also set for significant unlocks relative to their market size, including Berachain (BERA) and Stable (STABLE).
With multiple tokens unlocking within days of each other, traders will be closely monitoring the price reaction.
Hyperliquid, the star
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Despite recording the largest release in monetary value this week, hyperliquid (HYPE) surged nearly 30%, defying typical supply pressure.
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The launch of HIP-3 opened the door to permissionless perpetual markets, pushing trading volume and OI to record levels near $1.1 billion.
Demand was also supported by a Kraken listing and the addition of HYPE to Coinbase’s listing roadmap.
Importantly, the team has also reduced the risk of short-term selling, confirming that only a small portion of team tokens will be claimed in the coming months.
And as for what didn’t happen…
While some projects are progressing as planned, Story (IP) has taken a different path.
The decision to delay the IP token unlock by six months moves the event from February to August, without changing ownership, allocations, or total supply.
By postponing the unlock, Story reduces sales pressure as the network scales. It keeps team and investor incentives aligned with users for longer, giving the protocol more room to grow.
It seems the newcomer is prioritizing long-term health above all else.
Final Thoughts
- February’s $2 billion token unlock wave separates the best from the rest.
- HYPE’s rally and delayed Story unlock prove that timing, revenue, and discipline matter.
