Unlocking does not equal crashing the market: How to rationally view token unlocks?

"Unlocking must lead to a drop" is a popular narrative in the crypto market, but it doesn't always hold true. Whether unlocked tokens will create selling pressure depends on several key variables: Is this the first unlock or a routine unlock? Is the recipient a VC or a community treasury? Does the current price still provide enough safety margin for early investors? In fact, many unlocking events see prices rebound after the event due to the elimination of uncertainty. Some projects' unlocked tokens are transferred via OTC to institutions, having limited impact on the secondary market. Others include buyback and burn mechanisms in their unlock plans, which can actually have a positive effect. Therefore, in the face of the May unlocking wave, the most dangerous approach is to blindly label it as bearish and short without analysis. Equally risky is ignoring unlocking pressure altogether and holding blindly. The correct approach is: analyze each project's unlocking details, assess the actual increase in circulating supply, combine on-chain holdings changes and capital flows, and make independent judgments.
#5月代币解锁潮来袭