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Ethena and Hyperliquid Face Token Unlocks Worth About $34.5 Million

Ethena, Hyperliquid, Space and Time, Opinion, and RedStone are scheduled for major token unlocks, with Ethena’s ENA release highlighted alongside details on its USDe delta-hedging structure.

BTC
STETH
HYPE

Fact Check
Two independent sources directly corroborate the $34.5M combined figure. Odaily (一周代币解锁：ENA解锁价值约1700万美元代币) explicitly itemizes ENA at ~$17.25M and HYPE at ~$17.29M, summing to ~$34.54M. crypto.news (Token unlocks worth over $229m put HYPE, ENA and RED on watch) independently confirms 'HYPE and ENA lead cliff unlocks with over $34 million combined.' PANews corroborates the ENA portion at ~$17.3M. The claim's $34.5M figure is a rounded combined total of the two cliff unlocks, which is accurate. Minor uncertainty stems from price volatility at time of reporting, which could shift exact dollar values slightly.
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Summary

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.

Terms & Concepts
  • Token unlock: A scheduled release of previously restricted tokens into circulation, often tied to investor, team, contributor, or ecosystem allocation schedules.
  • Delta-hedging: A trading strategy that offsets price exposure by balancing spot holdings with derivatives positions to reduce directional market risk.
  • Circulating supply: The number of tokens currently available in the market and able to be traded by investors.