Nearly $1.5 billion in crypto tokens could enter the market during the first week of September. HYPE, SUI and ENA are the biggest unlocks to watch.
HYPE$85.17-2.91%
SUI$0.822543+1.23%
ENA$0.164606-7.04%The crypto market is heading into September with roughly $1.5 billion worth of token unlocks scheduled during the first week, putting several major altcoins in focus.
Among the biggest releases are Hyperliquid (HYPE), Sui (SUI), and Ethena (ENA). New tokens entering circulation can increase available supply and create short-term selling pressure, particularly when recipients are able to sell unlocked holdings.
Here are the three token unlocks traders should watch most closely.
Unlock Date: September 6
Tokens Unlocked: 9.92 million HYPE
Released Supply: 464.91 million HYPE
Total Supply: 1 billion HYPE
Hyperliquid operates a decentralized perpetual futures exchange on its own Layer-1 blockchain, offering an onchain order book and high-speed trading infrastructure.
The September 6 unlock is by far the largest release among the three tokens highlighted here. Tokenomist estimates that 9.92 million HYPE, worth roughly $797 million, could enter circulation.
The release represents about 2.37% of the current released supply and is allocated to core contributors.
However, traders should treat the figure as a long-range estimate rather than a guaranteed amount. Tokenomist has noted that HYPE has historically claimed significantly fewer tokens than some projected unlock schedules suggest.
That makes HYPE the most important unlock to monitor, but also one where the actual amount released could differ from the headline estimate.
Unlock Date: September 1
Tokens Unlocked: 13.53 million SUI
Released Supply: 4.08 billion SUI
Total Supply: 10 billion SUI
Sui will begin September with another scheduled token release.
The network is set to unlock 13.53 million SUI, worth approximately $9.73 million, representing about 0.33% of its current released supply.
The tokens will be distributed among three recipients:
Sui has continued to follow a schedule that introduces additional supply around the beginning of each month.
While the September unlock is considerably smaller than Hyperliquid's projected release in dollar terms, traders will still be watching whether the additional supply creates selling pressure around the unlock date.
Unlock Date: September 2
Tokens Unlocked: 40.63 million ENA
Released Supply: 8.9 billion ENA
Total Supply: 15 billion ENA
Ethena is the Ethereum based synthetic-dollar protocol behind USDe, while ENA serves as its governance token.
On September 2, Ethena is scheduled to release 40.63 million ENA, currently valued at around $6.05 million.
The release represents approximately 0.46% of the circulating supply, with the entire allocation going to the Ethena Foundation.
The relatively small percentage means the unlock alone may not create significant selling pressure. However, traders will still be watching wallet movements after the release to determine whether the newly unlocked tokens remain within the ecosystem or move toward exchanges.
Token unlocks do not automatically mean prices will fall.
The actual market impact depends on who receives the tokens, how much becomes liquid, and whether recipients decide to sell. A large unlock can have little effect when holders retain their tokens, while a smaller release can create volatility if recipients sell aggressively.
For the first week of September, HYPE stands out because of the enormous potential dollar value attached to its projected unlock. SUI and ENA have smaller releases but remain important because both are established large-cap crypto projects with active trading markets.
Other projects, including EigenCloud (EIGEN), Gunz (GUN), and GoPlus Security (GPS), are also scheduled to release additional tokens during the week.
With supply events concentrated at the start of the month, traders should watch token prices, exchange inflows and recipient wallet activity around each unlock rather than assuming that every scheduled release will translate directly into selling pressure.
For September's first week, HYPE is the unlock with the biggest potential market impact, while SUI and ENA offer additional supply events worth tracking.
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