5 Major Crypto Token Unlocks to Watch in November 2025
- What Are Token Unlocks and Why Do They Matter?
- 1. Ethena (ENA) - November 5 Unlock
- 2. Aptos (APT) - November 12 Unlock
- 3. Pump.fun (PUMP) - November 14 Unlock
- 4. Arbitrum (ARB) - November 16 Unlock
- 5. Aster (ASTER) - November 17 Unlock
- Other Notable November 2025 Unlocks
- How to Navigate Token Unlock Season
- Token Unlock FAQs
November 2025 brings significant token unlocks that could shake up the crypto market. While unlocks don't always guarantee price drops, they increase supply pressure at a time when the market is still recovering from October's historic liquidation event. This article examines the most important unlocks happening this month, including ENA, APT, PUMP, ARB, and ASTER, plus other notable releases that could impact market dynamics.
What Are Token Unlocks and Why Do They Matter?
Token unlocks refer to the release of previously locked cryptocurrency tokens into circulating supply. These events typically occur according to predetermined vesting schedules for team members, investors, or ecosystem development funds. While not all unlocks lead to immediate selling pressure, they fundamentally alter the supply-demand balance. In my experience covering crypto markets since 2020, large unlocks during bearish periods tend to amplify downward price movements.
Source: crypto market data providers
1. Ethena (ENA) - November 5 Unlock
171.85M ENA ($56.31M) | 2.31% of circulating supply
The DeFi protocol behind synthetic dollar stablecoin USDe faces a critical test. ENA serves as Ethena's governance token, allowing holders to vote on protocol changes and earn staking rewards. Having already dropped 46% in October following the massive liquidation event, this unlock could make ENA's recovery even more challenging.
From my analysis of CoinMarketCap data, Ethena's USDe stablecoin saw its market cap plunge 36% in three weeks post-liquidation. The protocol's unique hedging strategy using crypto derivatives makes it particularly sensitive to market volatility.
2. Aptos (APT) - November 12 Unlock
11.31M APT ($29.65M) | 1.57% of circulating supply
This Facebook-born LAYER 1 blockchain continues its gradual token distribution. Despite its technical merits (including the Move programming language and low fees), APT has struggled recently - cutting its price in half during October according to TradingView charts.
What's interesting is Aptos's on-chain fundamentals appear weaker than its tech WOULD suggest. The unlock coincides with what our BTCC research team has identified as declining network activity metrics.
3. Pump.fun (PUMP) - November 14 Unlock
10B PUMP ($41.44M) | 2.83% of circulating supply
The Solana-based memecoin launchpad has been printing money - generating $37.7M in revenue last month alone per Artemis data. While its business model seems sustainable, the unlock comes after a 32% PUMP price drop.
Source: Platform revenue reports
Here's the twist: Pump.fun's buybacks might neutralize the unlock's impact. Their revenue-sharing mechanism burns tokens, creating a natural counterbalance to new supply.
4. Arbitrum (ARB) - November 16 Unlock
92.63M ARB ($24.32M) | 1.68% of circulating supply
The ethereum Layer 2 solution has attracted $1.4B in capital inflows recently, partly due to its DRIP incentive program running through January 2026. Despite this, ARB still dropped 41.5% last month.
Source: On-chain analytics
This unlock represents just a fraction of the 24M ARB being distributed through DRIP. The real question is whether ecosystem growth can outpace the gradual supply increase.
5. Aster (ASTER) - November 17 Unlock
78.41M ASTER ($81.42M) | 3.89% of circulating supply
Binance-founder CZ's favorite decentralized perpetual exchange faces its biggest unlock yet. ASTER plunged 53% in October, underperforming even other derivatives platforms.
At current prices, this unlock's dollar value exceeds all others on our list. That said, Aster's growing market share in perpetual trading could help absorb the new supply if trading volumes rebound.
Other Notable November 2025 Unlocks
The crypto calendar stays busy with these additional unlocks:
| Project | Date | Tokens | Value |
|---|---|---|---|
| Linea | Nov 10 | 1.02B | $13M |
| Starknet | Nov 15 | 127.6M STRK | $14M |
| Sei | Nov 15 | 95.15M | $16M |
| zkSync | Nov 19 | 173.41M ZK | $14.2M |
| LayerZero | Nov 20 | 24.68M ZRO | $36.47M |
How to Navigate Token Unlock Season
Having weathered multiple crypto cycles, I've learned unlocks create opportunities as much as risks. Here's my playbook:
- Check vesting schedules - Some projects stagger unlocks to minimize impact
- Monitor exchange inflows - Large deposits post-unlock often precede dumps
- Watch for countermeasures - Many teams now implement buybacks or staking incentives
Remember - not all unlocks lead to price declines. Strong projects can absorb new supply through organic demand. As always, this article does not constitute investment advice.
Token Unlock FAQs
Why do token unlocks often cause price drops?
Unlocks increase circulating supply without necessarily increasing demand. When large holders (like early investors) receive tokens, they sometimes sell immediately to lock in profits.
How can I track upcoming token unlocks?
Platforms like TokenUnlocks and CryptoRank provide calendars. For deeper analysis, check project documentation for vesting schedules.
Do all unlocked tokens get sold immediately?
Not necessarily. Some teams and investors hold long-term. However, the potential for selling creates psychological pressure on prices.
Can token unlocks be positive for a project?
Yes - unlocks can improve liquidity and allow more participants into governance. Well-structured vesting schedules align team incentives with long-term success.
