This week's large token unlock data;

Coinank data shows that this week 41,395,946,960, ENA, and DYDX will experience large unlocks, as follows in UTC+8 time:

Sui (SUI) will unlock 44 million tokens at 8:00 on July 1, worth approximately 127 million USD, accounting for 1.3% of the circulating supply;

Ethena (55,451,468,498) will unlock 40.63 million tokens at 15:00 on July 2, worth approximately 11.29 million USD, accounting for 0.67% of the circulating supply;

dydx (96,873,069,716) will unlock 4.17 million tokens at 8:00 on July 1, worth approximately 2.25 million USD, accounting for 0.56% of the circulating supply;

EigenCloud (EIGEN) will unlock 1.29 million tokens at 23:00 on July 1, worth approximately 1.57 million USD, accounting for 0.41% of the circulating supply.

We believe that this week's large unlock events for tokens such as SUI, ENA, DYDX, and EIGEN, although part of regular market operations, should be approached with caution regarding their potential impact. Token unlocks are usually seen as bearish factors, as early investors or team members may sell to cash out, increasing market supply and causing short-term price downward pressure; especially in a high volatility environment, such events can amplify market sentiment fluctuations, leading to liquidity tightening. However, the proportion of this unlock is generally low, accounting for a maximum of 1.3% and a minimum of 0.41% of the circulating supply, and historical data shows that small unlocks have limited overall market impact, often buffered by the project's fundamentals or external factors.

DYDX, as the leader in decentralized derivatives, has demonstrated strong performance in its independent chain ecosystem, with a high staking rate and a profit distribution mechanism shifting towards community token holders, which may enhance long-term confidence and partially offset unlock pressure. In contrast, while SUI is positioned as a high-performance public chain, the unlock value is relatively high (approximately 127 million USD), and attention should be paid to market absorption capacity; while ENA and EIGEN have smaller unlock scales, their impact may be weaker. Investors are advised to prioritize examining project technological progress and ecological health rather than short-term events. In the current market environment, unlock events may trigger localized volatility, but systemic risks are controllable, and robust projects like DYDX are expected to demonstrate resilience.