A significant wave of token unlocks is set to impact the cryptocurrency market in the coming days, with over $130 million worth of previously restricted tokens scheduled to enter circulation. According to data from DefiLlama, the largest single event is a $53.27 million unlock of Toncoin (TON) scheduled for February 21, 2026.
The unlock cycle is broad, affecting multiple mid- and large-cap projects. Notable upcoming releases include Arbitrum (ARB) with ~$50.5 million, Solana (SOL) with ~$34 million, SUI with ~$24.2 million, Jupiter (JUP) with ~$40.7 million, and Ethena (ENA) with ~$30 million. Other projects with substantial unlocks relative to their circulating supply include YZY (~$304 million, ≈17.24% of supply) and GRASS (~$151 million, ≈11.51%).
The actual market impact of these unlocks is nuanced. They do not automatically translate into selling pressure. The effect depends on factors such as who receives the tokens (team, investors, ecosystem funds), vesting terms, prevailing market sentiment, and liquidity depth on exchanges. However, when multiple unlocks cluster in a short window, traders often position defensively, which can temporarily suppress upside momentum, especially for tokens trading near local resistance levels.
For larger-cap assets like SOL and ARB, the unlock percentages are relatively small (0.43% and 1.82% of supply, respectively), suggesting limited structural disruption unless broader risk appetite weakens. In contrast, for mid-cap names like GRASS or YZY, the proportional increase in circulating supply is more material and could create short-term volatility.
The market's reaction will test current liquidity conditions. If demand absorbs the new supply efficiently, the events may pass with limited disruption. If risk appetite contracts, however, unlocks can amplify downside moves as fresh tokens meet thin order books. All eyes will be on the TON unlock on February 21 as a key indicator of market absorption capacity.
