SUI, ENA, OP unlocks inject $484M into market, sparking short-term volatility risks

A wave of token unlocks for SUI, ENA, and OP is set to occur between July 28 and August 2, 2025, injecting over $484 million into market circulation. These scheduled releases, involving millions of tokens from projects such as Sui (SUI), Ethena (ENA), and Optimism (OP), have drawn attention for their potential to influence liquidity and volatility in the short term. The unlocks are expected to coincide with heightened selling pressure and price fluctuations, as historical data suggests markets often absorb increased supply through temporary instability before stabilizing [1].

The SUI unlock on August 1 alone accounts for 44 million tokens, contributing to the broader market shift. While no official guidance has been issued by the projects involved, industry figures like Jing Wang, Co-Founder of Optimism Foundation, emphasize transparency during such phases to foster healthy market dynamics [2]. Analysts note that similar unlock events in the past have led to sharp but temporary price swings for tokens like SUI and ENA, with stabilization typically following as traders adjust to new supply levels [3].

Market data from CoinMarketCap as of July 27, 2025, shows SUI trading at $4.31 with a 32.09% rise in 24-hour trading volume and a 61.51% increase over 30 days [2]. However, the influx of newly available tokens could pressure these trends in the immediate term. DeFi and Layer 1 projects are particularly vulnerable to such liquidity shocks, as the sudden availability of large token quantities often amplifies speculative activity and short-term volatility.

The unlock period spans critical dates for market participants, with SUI’s major release occurring on August 1. Historical patterns indicate that while unlocking events may trigger immediate price swings, long-term stability tends to emerge as the market digests the supply changes. For instance, past unlocks of comparable scale for SUI and ENA saw prices rebound after initial turbulence, though this requires active trading strategies to mitigate risks [3]. Investors are urged to remain cautious, as the lack of official project statements leaves uncertainty about potential mitigations or strategic responses to the unlock.

Coincu’s analysis underscores the importance of monitoring market depth and order book dynamics during the unlock window, as liquidity providers and institutional traders may react differently to the increased supply. While the broader $484 million unlock represents a significant addition to market circulation, the extent of its impact will depend on how quickly the market absorbs the tokens and whether selling pressure materializes [1].

Source:

[1] CoinMarketCap article on token unlock impacts, https://coinmarketcap.com/community/articles/68861bc2f196495074ef7a4d/

[2] Sui (SUI) market data and Jing Wang’s statement, https://coinmarketcap.com/community/articles/68861bc2f196495074ef7a4d/

[3] Historical unlock trends for SUI and ENA, https://coinmarketcap.com/community/articles/68861bc2f196495074ef7a4d/