The crypto market traded mostly sideways this week, with Bitcoin holding above $100K while some altcoins continued to bleed. Ongoing geopolitical tensions and a lack of fresh demand have added pressure, especially on tokens with recent unlocks. This week’s highlights include a major insider unlock from $BLAST, the sharp decline of $ZKJ, and the launch of $RESOLV.
Weekly Unlocks Recap
Bitcoin continues to trade sideways, holding above the key $100K psychological level. However, most altcoins are under pressure, with broad declines across the market. The recent geopolitical tensions between Iran and Israel have added to market uncertainty, leading to more cautious positioning from investors. Tokens that experienced heavy unlocks in previous months have been hit particularly hard, as weak demand meets growing supply, resulting in outsized drawdowns for several names.
One of the most affected tokens during this period is $ZKJ, the native token of Polyhedra Network, which has dropped over 80% recently. The sharp decline appears to be triggered by a wave of coordinated wallet activity, where large holders withdrew liquidity and dumped tokens, leading to cascading liquidations across DeFi platforms. This event coincided with a token unlock of around 5% of the circulating supply, adding further selling pressure and amplifying the downward move.
The Polyhedera network token $ZKJ just collapsed 83%, dropping from $2 to around $0.30 in less than 1 hour
— Abhi (@0xAbhiP) June 15, 2025
Here’s what I think happened ⬇️
For roughly a month, $ZKJ was trading almost exactly like a stablecoin, characterized by
> Massive liquidity of over $20 million.
>… pic.twitter.com/kYjuCOtLzt
Upcoming Events
Next week’s scheduled token unlocks are set to be around $420 Million in total value. Of this, approximately 7.5% is classified as insider unlocks under Tokenomist’s framework — referring to allocations designated for founders, core teams, or early investors. Notable tokens facing sizable releases by dollar value include $SOL, $WLD, $TRUMP, $BLAST, and $SOON.
Unlocks Spotlight: $BLAST
- Unlock Date: June 26, 2025
- Unlock as % of Circulating Supply: 35.07%
- Current Unlock Progress: 19% unlocked
- Vested Allocations: Core Contributors and Investors
$BLAST tops next week’s calendar with the largest dollar‑value unlock and the highest percentage release relative to its circulating supply. This event marks the first cliff for insider allocations, releasing tokens reserved for private investors and the core team. Price action heading into the unlock is already weak—$BLAST is down more than 90 % from its all‑time high—so the market’s ability to absorb this new supply will be an early test of sentiment and liquidity for the project’s longer vesting schedule.
New TGEs on the Radar
This week’s featured TGE is $RESOLV, the native token of Resolv Protocol — a delta-neutral stablecoin protocol responsible for managing and issuing the stablecoin USR. The project raised $10 million, led by Maven 11 Capital and Cyber Fund, and is currently trading at a reported market cap of $27 million.
Compared to other DeFi projects, Resolv remains a small-cap protocol, operating with a low float and high FDV structure. When benchmarked against direct competitors like $ENA (Ethena), $ENA’s market cap is approximately 63 times larger. Both protocols allocate a similar percentage of tokens to insider cohorts, though Resolv has a slightly higher allocation to the community. This large valuation gap may be driven by Ethena's stronger traction and adoption of its USDe stablecoin, positioning $RESOLV as a higher-risk, earlier-stage alternative.
Notable Crypto News
Institutional
- JPMorgan to Pilot Deposit Token JPMD on Coinbase-Linked Blockchain (Bloomberg)
- Chinese e-commerce giant JD to apply for stablecoin licenses in major global markets, founder says (The Block)
Regulation
- U.S. Senate Passes GENIUS Act to Regulate Stablecoins, Marking Crypto Industry Win (CoinDesk)
Tokenomics
- Kraken-Backed Ink Foundation to Airdrop INK Token, Starting With Aave-Powered Liquidity Protocol (CoinDesk)
- Solana DEX Jupiter suspends DAO voting until 2026 to focus on DeFi growth (CoinTelegraph)
General
- Nobitex source code leaked after $100M hack by pro-Israel group (CoinTelegraph)
- Ethena Labs, Securitize enable 24/7 atomic swaps between USDtb and BlackRock’s tokenized fund (The Block)
- a16z crypto invests $70 million in direct EigenLayer token deal to back EigenCloud developer platform rollout (The Block)