The cryptocurrency market is on the verge of a major event that investors need to pay attention to: token unlocks. This could affect the supply of three cryptocurrencies—Ethena (ENA), Galxe (GAL), and Hashflow (HFT)—potentially causing a bearish trend. Insights from the Token Unlocks App reveal that about $58 million worth of these tokens will be unlocked soon.

Let’s examine the three cryptocurrencies that are about to face increased supply pressure due to these token unlocks.
Ethena (ENA)
According to the Token Unlocks App, Ethena (ENA) will see a $47 million token unlock. On June 1 at 11:00 PM UTC, 53.6 million ENA, or 3.62% of the circulating supply, will be released. This could significantly affect ENA’s price, as an increase in supply is generally viewed as bearish by traders. Currently, ENA's price has risen 2.69% over the past day, trading at $0.8896, with daily highs and lows of $0.9075 and $0.8642, respectively.
Galxe (GAL)
Galxe (GAL) will experience a $7.32 million token unlock. Data indicates that 2.03 million GAL, representing 1.76% of the circulating supply, will be unlocked on June 5 at 12:00 AM UTC.