A massive wave of token unlocks—worth more than $1.8 billion—is set to flood the market this December, making it one of the most supply-heavy months of 2025. Major ecosystems including Sui, Aster, LayerZero, Aptos, Arbitrum, and EigenLayer are preparing for scheduled releases that could influence liquidity, sentiment, and short-term volatility across the crypto landscape.

Sui and Aster Dominate Early December

The month kicks off with two of the largest unlocks:

• Sui (SUI): $86.86M unlocking on December 1 (1.51% of circulating supply)
• Aster (ASTER): $86.84M unlocking on December 17 (3.89% of supply)

These high-value, high-ratio unlocks position both assets at the top of traders’ watchlists, given the potential short-term supply pressure.

LayerZero, Pump.fun, and Aptos Bring Mid-Month Volatility

Mid-December sees momentum carry into other ecosystems:

• LayerZero (ZRO): $33.7M unlock on December 20 (over 10% of market cap — one of the highest monthly ratios)
• Pump.fun: $31.2M unlock on December 14
• Aptos (APT): $25.2M unlock on December 12

While smaller in dollar terms, the percentage impact on circulating supply could trigger sharp price swings.

EigenLayer, Arbitrum, Ethena, and STBL Add to Supply Pressure

Several major protocols add additional weight to December’s unlock calendar:

• EigenCloud (EigenLayer ecosystem): $23.5M unlock on December 1 (8.3% of supply)
• Arbitrum (ARB): $20.63M on December 16
• Ethena (ENA): $27.66M on December 2
• STBL: $20.40M on December 16

These unlocks stretch across both established ecosystems and fast-growing DeFi sectors.

Yooldo Esports Ends the Month

Closing out the cycle:

• Yooldo Esports (ESPORTS): $19.44M unlock on December 19 (4.66% of market cap)

Though smaller than early-month giants, its supply ratio makes it surprisingly impactful.

December: One of the Most Important Supply Months of 2025

With 10 major protocols releasing large token batches within the same 30-day window, December is shaping up to be a defining month for supply-driven market movements. Such concentrated unlock activity often affects liquidity, sentiment, and short-term pricing — especially during uncertain macro conditions.

The market’s response to these releases will likely influence early-2026 trends across multiple ecosystems.

The altcoin market is heading into one of its busiest supply weeks of the quarter, with more than $70 million in token unlocks scheduled over seven days — a wave that could test market resilience after a recent downturn.

Early-Week Starters: Small Projects, Big Signal

The week kicks off Monday, November 3, with unlocks from Impossible Cloud Network (ICNT) and StakeStone (STO). While modest in size, these events mark the beginning of an unusually crowded unlock cycle. ICNT’s supply will grow by about 5%, and STO’s will rise nearly 3%, both hitting the market before most traders wake up.

Tuesday Brings Heavyweights

On Tuesday, attention shifts to the major unlock of the week: Ethena (ENA). Roughly $63 million worth of ENA is set to enter circulation — its largest quarterly unlock and a potential mover for DeFi liquidity. Not far behind, SEDA Protocol (FLX) adds another $1.45 million to the market, contributing to broader midweek pressure.

Gaming Tokens in the Spotlight

By Wednesday, the focus turns to Heroes of Mavia (MAVIA), which faces a massive 20% supply expansion — one of the most volatile unlocks of the entire period. Given MAVIA’s thin liquidity and speculative trading history, analysts expect sharp price swings.

Friday continues the momentum with Space and Time (SXT) unlocking another $1.23 million, drawing the interest of investors tracking data infrastructure plays.

Weekend Unlocks Keep the Market Tilted

Saturday wraps up the barrage with unlocks from Movement (MOVE) — expanding supply by 1.8%, followed by Baby Shark Universe (BSU) at 4.6%. These smaller but still significant events could stir activity in retail-heavy segments of the market.

Why This Matters

Token unlock weeks like this often create noticeable turbulence. New supply can pressure prices, dilute holdings, and shake trader sentiment. But if the market absorbs the tokens smoothly, they can also set the stage for stronger rebounds.

After a rough week for altcoins, all eyes are on whether this series of unlocks deepens the correction — or quietly clears the path for a November recovery.

Decentralized exchanges are rapidly reshaping the perpetual futures market, with new data showing that DEXs are gaining ground at a pace few expected. According to CoinGecko, the ratio of DEX-to-CEX perps trading volume jumped from just 2.1% in January 2023 to 11.7% in November 2025 — a record high and a clear signal of shifting trader preferences.

On-Chain Derivatives See Breakout Growth

For nearly a decade, centralized exchanges dominated perpetual futures trading. That grip, however, is weakening. After two years of stagnation below 3%, DEX momentum began accelerating in early 2025, powered by liquidity improvements, better user experiences, and rising distrust in custodial platforms.

By late 2025, decentralized platforms were handling nearly 12% of global perps volume. A standout driver is Hyperliquid, which recorded an astonishing $2.74 trillion in trading volume this year — illustrating how on-chain engines can now compete with high-performance CEX order books.

Why Traders Are Migrating On-Chain

Several catalysts underpin this shift:

• Reduced custody risk and full wallet control
• Faster settlement and competitive execution
• Institutional-ready trading environments
• The collapse of several major CEXs in recent years
• Scaling advancements on Ethereum and alternative chains

Modern DEXs like Hyperliquid, Aevo, dYdX, and Vertex have shown that traders no longer need to choose between speed and decentralization.

A Lasting Market Restructure

Importantly, the trend appears structural — not cyclical. From mid-2024 through late-2025, DEX perps volume climbed consistently month after month. Analysts now project decentralized platforms could capture 15–20% of global perps trading as early as 2026, a scenario once considered far-fetched in a CEX-dominated world.

The message is clear: DEXs aren’t just catching up — they’re redefining the competitive landscape for derivatives trading.