How did tokens react to scheduled unlocks over the last 90 days?

Tokenomics still matters for crypto platforms, with tokens reacting differently to unlocks. The effects of unlocks, incentives, and burns can give some assets an edge, even amid volatile market sentiment. 

Tokens split into groups based on their reaction to unlocks and potential market pressure. Token performance varies in the short term, and over a longer time frame reflects the new supply entering circulation.

As Cryptopolitan reported, some cliff unlocks can change a token’s trajectory, especially if handed over to a class of investors that are ready to sell immediately. 

Cryptorank tracked 50 tokens and altcoins based on their unlocks and price returns over a six-month period. 

Which tokens performed well with unlocks?

Based on Cryptorank’s research, some tokens were organic winners, with relatively low unlocks and positive returns. The biggest returns came from NEAR, with a 131% net gain for the period. MET and ETHFI were also low-unlock tokens that showed periods of outperforming the market. 

Tokens with high unlocks and positive returns showed that the market was ready to absorb the supply. Bitway (BTW) was one of those winners, along with AGT and BR. 

The token unlock pressure was the worst for legacy tokens. In 2026, crypto traders reoriented to newer assets, while legacy coins and tokens lagged. 

Tokens with ongoing, pre-programmed unlocks showed weak demand. Long-term staples like SOL and AVAX declined in the past six months, pressured by the ongoing inflows of new supply. While the supply growth was restricted, the ongoing unlocks added to market exhaustion. 

Some tokens, like 2Z, 0G and OPEN, fell by as much as 82% for the period, combining weak demand with large-scale unlocks.

Layer Zero (ZRO), a high-profile project, showed the immediate reaction to a big unlock. The token had one of the biggest unlocks in the past month, contributing to a loss of over 13% for the period. ZRO is in a period of predictable, ongoing step unlocks, without large cliffs, but still prominent enough to put pressure on the market. 

Tokens with burns and revenue sharing offset unlocks

Token burns only partially offset unlocks. The net burns themselves are not as influential and are much smaller compared to unlocks. 

However, burns incentivize holders to limit selling, in exchange for predictable revenues. 

Token unlocks on average reach $3B to over $4B monthly. Burn schedules destroy far fewer tokens, with the exception of BNB Chain. 

In October, BNB Chain had a $1.2B burn, leading to a record day of $1.57B in destroyed tokens. 

Token burns, unlike unlocks, are not fixed or predictable. In some cases, they depend on real on-chain usage, such as trading or transactions. Hyperliquid remains the biggest burner as of November 2026, driven by trading fees. Even for Hyperliquid, burn value varies by week. 

On November 13, Hyperliquid burns reached $9.61M in total value, down 66% from the previous week.  

Token burns and revenue sharing have one advantage – they are one of the positive crypto trends for 2026. Based on rough estimates, real revenue-generating protocols spent up to $900M on buybacks in 2026. The buybacks were in addition to algorithmic burns for tokens not taken from the market. 

In the coming months, burns from token buybacks may be a stronger signal compared to regular algorithmic burns, even if the supply effect is smaller.