This week, tokens such as ENA, BTW, and KITE will see large-scale token unlocks.

This week brings significant token unlock events across several major protocols, with Ethena (ENA), Bitlight Wallet (BTW), Kite (KITE), Hyperliquid (HYPE), and Avalanche (AVAX) releasing tokens worth a combined ~$223 million. On November 2, ENA unlocks ~$7.39 million (0.38% of circulating supply) while BTW releases ~$109.66 million (3.37% of circulating supply), followed by KITE's unlock of ~$78.3 million on November 3—representing a substantial 26.76% of its circulating supply. HYPE follows on November 5 with ~$15.72 million (0.08% of supply), and AVAX completes the week on November 8 with ~$14.42 million (0.30% of supply). KITE's unlock is the most consequential relative to supply, as releases exceeding 25% of circulating tokens can materially pressure prices and dilute existing holders. Market participants will be watching absorption of these unlocks, particularly KITE's outsized release, for signs of sell-side pressure in the days ahead.