Several crypto projects are preparing sizable token unlocks that traders are watching for potential effects on circulating supply, liquidity, and short-term price action. Ethena is scheduled to unlock either 171 million ENA on May 5, as one report states, or 170 million ENA worth about $17.25 million, according to a newer report. Hyperliquid plans to unlock 420,000 HYPE worth about $17.29 million. Space and Time is also set to unlock 387 million SXT valued at about $6.1 million, while Opinion will release 32.09 million OPN and RedStone will unlock 40.85 million RED. The newer report also notes that Ethena’s synthetic dollar product, USDe, uses a delta-hedging model backed by BTC and stETH.