I just reviewed the token unlock schedule for the end of last year and the beginning of this year, and I noticed a few notable milestones. From December 31 to January 3, the market experienced a series of unlock events with moderate scale, but since it was at the end of the year, liquidity was thin, and prices were more susceptible to shocks than usual.

The most notable token unlocks: SUI unlocked 0.55% (~78.9M) on 1/1, BEAT unlocked 2.12% (~44M) on the same day — this is a relatively high percentage, so BEAT holders should be cautious. ENA unlocked 0.63% (~20.1M) on 2/1, EIGEN unlocked 2.07% (~14.4M) on 1/1 — these figures are quite high relative to their scale. There was also COCA at 1.84% (~13M) on 3/1, KMNO at 2.20% (~11M) on 12/31, and OP at 0.75% (~8.9M) on the same day.

Overall, the token unlock schedule that week wasn't too heavy, but combined with year-end defensive sentiment and weak liquidity, prices could react more strongly than expected. I don’t think every unlock necessarily leads to dumping; it mainly depends on the market health at that time. If you're trading short-term, avoid FOMO before these milestones; if holding long-term, see this as an opportunity to observe the flow of funds — who is selling, who is absorbing. Ultimately, preserving capital remains the top priority.