5 Major Token Unlocks That Could Shake the Crypto Market in December 2025

• What Are Token Unlocks and Why Do They Matter?
• 1. Ethena (ENA) - December 2 Unlock
• 2. Aptos (APT) - December 12 Unlock
• 3. Pump.fun (PUMP) - December 14 Unlock
• 4. StarkNet (STRK) - December 15 Unlock
• 5. Aster (ASTER) - December 17 Unlock
• Other Notable December 2025 Unlocks
• Token Unlock FAQs

As we approach December 2025, the crypto market braces for significant token unlocks that could impact prices across the board. While altcoins have shown lackluster performance over the past month, these scheduled releases of previously locked tokens might exacerbate market movements. This comprehensive guide examines the five most important unlocks happening this December, their potential market impact, and what investors should watch for.

What Are Token Unlocks and Why Do They Matter?

Token unlocks refer to the release of previously restricted cryptocurrency tokens into circulating supply. These tokens are typically allocated to team members, investors, or reserved for ecosystem development during a project's early stages. While not all unlocks lead to price declines, they invariably increase selling pressure as more tokens become available on the market. According to CryptoRank data, December 2025 will see over $200 million worth of tokens released across various projects.

1. Ethena (ENA) - December 2 Unlock

94.19 million ENA tokens ($23.37 million) representing 1.27% of circulating supply

Ethena, the decentralized finance protocol behind the synthetic dollar stablecoin USDe, faces a crucial test this December. The project has struggled since October's liquidation event, with USDe's market cap plummeting over 50%. The upcoming unlock could further pressure ENA's price, which has already dropped 30% in the past month.

What makes Ethena unique is its delta-neutral strategy using crypto derivatives to maintain USDe's peg, rather than traditional fiat collateral. ENA serves as the governance token, allowing holders to participate in protocol decisions and earn staking rewards. However, with the protocol still recovering from recent setbacks, market participants will watch closely how this unlock affects ENA's fragile price action.

2. Aptos (APT) - December 12 Unlock

11.31 million APT tokens ($22.02 million) representing 1.54% of circulating supply

The Facebook-born Layer 1 blockchain continues its monthly unlock schedule in December. Despite offering faster transactions and lower fees than Ethereum, APT has seen its price decline 39% over the past month. On-chain metrics suggest the Aptos network remains healthy, but consistent selling pressure from these unlocks continues to weigh on price performance.

Aptos's MOVE programming language and high throughput make it particularly suited for high-frequency trading applications. However, as our chart shows, the steady stream of new tokens entering circulation creates an ongoing imbalance between supply and demand that the market must absorb.

3. Pump.fun (PUMP) - December 14 Unlock

10 billion PUMP tokens ($30.08 million) representing 1.7% of circulating supply

The Solana-based memecoin launchpad has become one of the most undervalued projects by market cap/revenue ratio (4.4x). While speculation has cooled across crypto markets, Pump.fun's unique buyback mechanism helps mitigate selling pressure from unlocks by removing tokens from circulation.

Despite this innovative feature, PUMP has still declined nearly 30% in the past month. The platform's popularity for launching new tokens on solana gives it fundamental strength, but December's substantial unlock will test whether demand can absorb the increased supply.

4. StarkNet (STRK) - December 15 Unlock

127.6 million STRK tokens ($16.02 million) representing 2.66% of circulating supply

The ethereum scaling solution faces ongoing inflation from its VC-heavy funding model. Having raised $282.5 million across multiple rounds, StarkNet's monthly token unlocks create persistent downward pressure as market capitalization grows while price struggles to keep pace.

Interestingly, STRK has bucked the altcoin trend with an 18% gain over the past month, possibly due to growing interest in its bitcoin ecosystem expansion (BTCFi). However, December's unlock represents one of the larger monthly releases, potentially testing this recent strength.

5. Aster (ASTER) - December 17 Unlock

78.41 million ASTER tokens ($79.43 million) representing 3.89% of circulating supply

The decentralized exchange specializing in perpetual contracts enjoyed rapid growth earlier this year, capturing 20-25% of DEX perp volume at its peak. Backed by Binance's CZ, Aster emerged as credible competition to sector leader Hyperliquid.

However, after the initial airdrop speculation faded, ASTER's price has dropped 20% in the past two weeks. December's unlock is particularly large relative to circulating supply, potentially exacerbating this downward momentum unless demand resurges.

Other Notable December 2025 Unlocks

Several additional projects have significant unlocks scheduled:

• Sei (SEI): 95.15 million tokens ($13.3 million) on December 15
• Arbitrum (ARB): 92.63 million tokens ($20.2 million) on December 16
• Merlin Chain (MERL): 36.14 million tokens ($12.16 million) on December 19
• LayerZero (ZRO): 24.68 million tokens ($34.44 million) on December 20
• Humanity Protocol (H): 133.54 million tokens ($16.5 million) on December 25
• Plasma (XPL): 88.88 million tokens ($16.5 million) on December 25
• Optimism (OP): 32.21 million tokens ($10.38 million) on December 31

Token Unlock FAQs

Why do token unlocks often cause price declines?

Unlocks increase circulating supply, which can outpace demand. Recipients (like early investors or team members) may sell portions of their newly accessible tokens, creating selling pressure.

Do all token unlocks lead to price drops?

Not necessarily. If demand outweighs the additional supply or if the unlocked tokens are staked/locked again, prices can remain stable or even increase. Strong projects with growing utility often weather unlocks better.

How can investors prepare for major token unlocks?

Research the project's unlock schedule, monitor on-chain activity around unlock dates, and assess whether the team has mechanisms (like buybacks) to mitigate selling pressure.

Where can I track upcoming token unlocks?

Platforms like CryptoRank and TokenUnlocks provide comprehensive calendars. Many exchanges including BTCC also offer research tools tracking these events.

Are December's unlocks particularly significant?

December often sees increased volatility due to holiday liquidity conditions. Combined with these unlocks, the month could see amplified price movements across several assets.