Weekly Unlock Digest: Dec 1 – 7, 2025
This week’s report lands as crypto markets continue to face renewed volatility. BTC slipped 1.2% over the past seven days, with total liquidations climbing to ~$2.83B as traders positioned ahead of December’s macro catalysts. On the token side, we track $ENA, this week’s largest unlock by value, and $SPEC, which posted the highest jump in circulating supply.
Weekly Unlocks Recap
BTC dipped 1.2% this week as markets braced for the Fed Interest Rate Decision, FOMC projections, and FOMC minutes, with rate-cut odds for December now sitting near ~71%. Volatility remained elevated, contributing to roughly $2.83B in liquidations across major pairs.
On the token side, two key events stand out:
• $ENA leads this week by unlock value with its Dec 2 release.
• $SPEC prints the largest relative increase in circulating supply at 10.1%, driven by team, investor, and community allocations.
Narrative Watch: ASTER S4 buybacks begin Dec 10, and MegaETH mainnet is expected to go live in early December.
• WCT, OMNI, USUAL, RIVER, and STBL lead 30D supply growth, each posting 20–65% increases, largely driven by vesting rollouts rather than organic activity.
• Price performance across these names remains deeply negative, reflecting unlock-led dilution rather than demand growth.
Top 30D Buybacks
Cumulative 30D buyback activity surpassed $194M across major tokens.
• HYPE, PUMP, and ASTER dominate 30-day repurchases, with cumulative activity driven by protocol revenue and treasury-funded programs.
• HYPE alone accounts for $74.85M in 30D buybacks — the highest among all tracked assets.
• MPLX, GMX, LINK, and RAY continue steady repurchase patterns, though at smaller scales.
Upcoming Events
This week’s scheduled unlocks total ~$706M, sharply lower than last week’s $2.5B — marking one of the steepest week-over-week declines in Q4 2025.
Unlock contributions are distributed across majors like BTC, SOL, ETH, and SUI, with no outsized single-week catalysts. Most activity remains fragmented across mid-caps.
Unlocks Spotlight: $SPEC
- Unlock Date: Dec 3, 2025
- Amount: $593K
- Unlock % of Circulating Supply: 10.10%
- Allocations: Core Contributors, Investors, Community
$SPEC records the largest unlock relative to circulating supply this week, with a meaningful portion tied to team and investor allocations, increasing short-term dilution risk.
Full Dashboard : https://tokenomist.ai/spectral
A sizable portion of $SPEC’s supply remains locked under a multi-year schedule, with team and investor allocations set to vest gradually over time. This week’s 10.10% unlock marks a sharp step-up in circulating supply, though the broader emission curve remains controlled.
Unlocks Spotlight: $SUI
- Unlock Date: Dec 1, 2025
- Amount: $66M
- Unlock % of Circulating Supply: 1.2%
- Allocations: Investors, Team & Reserves
$SUI leads the week by unlock value. Most tokens are directed toward internal foundation & Investor allocations.
Full Dashboard : https://tokenomist.ai/sui
Over 63% of $SUI supply remains locked across a multi-year roadmap. This week’s release adds only 1.2% to circulating supply, fitting within its steady, low-dilution pattern
Unlocks Spotlight: $ENA
- Unlock Date: Dec 2, 2025
- Amount: $9.7M
- Unlock % of Circulating Supply: 0.58%
- Allocations: Foundation
$ENA leads the week by unlock value. Most tokens are directed toward internal foundation allocations, with contributors receiving the majority of released supply.
Full Dashboard : https://tokenomist.ai/ethena
$ENA’s supply remains locked across a multi-year roadmap, with foundation-controlled tokens unlocking progressively. This week’s release adds only 0.58% to circulating supply, fitting within its steady, low-dilution pattern.
Notable Crypto News
- Strategy Establishes $1.44B Cash Reserve, Slashes 2025 Profit ( https://www.coindesk.com/markets/2025/12/01/strategy-establishes-usd1-44b-cash-reserve-slashes-2025-profit-btc-yield-targets)
- Ethereum Developers Prep for Fusaka, Second Upgrade of 2025 ( https://www.coindesk.com/tech/2025/11/26/ethereum-developers-prep-for-fusaka-second-upgrade-of-2025 )
- Japan to Cut Crypto Tax Burden to 20% Uniform Rate in Boost for Local Bitcoin Traders ( https://www.coindesk.com/markets/2025/12/01/japan-to-cut-crypto-tax-burden-to-20-uniform-rate-in-boost-for-local-bitcoin-traders )