The cryptocurrency market is bracing for a significant event that could impact the prices of three major tokens: Ethena (ENA), Galxe (GAL), and Hashflow (HFT). According to insights from the Token Unlocks App, these tokens are expected to experience massive unlocks in the coming days, with approximately $58 million worth of coins collectively set to be released into the market.

Crypto traders and investors should exercise caution when trading these tokens, as the increased supply could lead to a bearish trend in the industry.

Ethena (ENA): $47 Million Unlock

On June 1 at 11:00 PM UTC, Ethena (ENA) will face the impact of a $47 million token unlock. A total of 53.6 million ENA, equivalent to 3.62% of the circulating supply, will be released into the market. This significant increase in supply could potentially drive the price of ENA down, as traders often view it as a bearish sign.

Galxe (GAL): $7.32 Million Unlock

Galxe (GAL) is another cryptocurrency that will face a token unlock worth $7.32 million. On June 05, at 12:00 AM UTC, 2.03 million GAL, worth 1.76% of the circulating supply, will be unlocked. This increase in supply could also lead to a price slump for the token.

Hashflow (HFT): $3.96 Million Unlock

The last cryptocurrency on the list is Hashflow (HFT), which is set to witness a token unlock worth $3.96 million. On June 07 at 12:00 AM UTC, 13.85 million HFT tokens will be unlocked, worth 3.41% of the circulating supply. This significant amount could bring about a more remarkable price action shift for the token.

Crypto traders and investors should closely monitor the market conditions and be prepared for potential price fluctuations in these tokens due to the upcoming unlocks. It is crucial to make informed decisions and manage risks accordingly.