$657M in New Supply Hits the Market—HYPE and ENA Lead

Over $657M in token unlocks hit the market Jan 5-12, 2026. Hyperliquid ($320M) and Ethena ($42M) face significant cliff releases, while RAIN and Solana add $137M in linear pressure. Discover how institutional accumulation and on-chain liquidity are prepping to absorb this massive supply shock.
The Data Narrative The "Supply-Side" of crypto is heating up. On-chain trackers confirm that $657M is being moved from smart contract vaults to liquid wallets this week.

Cliff Unlocks: HYPE ($320M) and ENA ($42M) dominate the one-time events.
Linear Vesting: RAIN ($76M) and SOL ($61M) provide a steady "sell-side" baseline.

Institutional Moat Despite the large numbers, the 2026 market is better equipped to handle these events than in 2024. The growth of Institutional OTC desks allows for large blocks of unlocked tokens to be settled off-exchange, minimizing immediate price impact.

Investment Thesis Watch the $22.00 level for HYPE and $0.22 for ENA. A successful defense of these levels during the unlock window is a high-conviction "Buy" signal for the remainder of Q1.