November’s token unlock calendar is approximately 13% smaller than October’s, but the supply schedule is heavily concentrated in a handful of projects. Hyperliquid’s modeled contributor alloc
Cryptocurrency projects are scheduled to unlock approximately $1.72 billion worth of tokens in November 2026, according to Tokenomist, with Hyperliquid accounting for more than half of the projected total.
The monthly figure is down from $1.97 billion in October, but the calendar contains several concentrated events that could affect individual tokens more than the broader market. The largest is a $923.63 million HYPE allocation scheduled for November 6, followed by substantial releases involving BTW, MON and CRO.
The central question is how much of that scheduled supply will actually reach tradable markets.
Tokenomist’s calendar assigns approximately 9.92 million HYPE to the November 6 event, reflecting the project’s modeled core-contributor vesting schedule.
That figure represents the estimated value of a scheduled allocation, not evidence that contributors will immediately receive or sell the entire amount.
Hyperliquid’s previous distributions demonstrate why the distinction matters.
In October, approximately 3.75 million HYPE was transferred to contributors, substantially below the roughly 9.92 million tokens commonly associated with its monthly vesting allocation. Reports indicated that the tokens were directed toward an institutional over-the-counter transaction rather than conventional exchange selling.
At the October distribution rate, the actual release represented roughly 38% of the modeled monthly allocation.
Applying that percentage mechanically to November would be speculative. Contributor claims and transfers can change from month to month, and the October transaction does not establish a recurring distribution policy.
There is also a discrepancy between data providers. DefiLlama’s Hyperliquid unlock trackerrecords observed contributor transfers and, in its October 29 snapshot, showed no upcoming HYPE unlocks, whereas Tokenomist’s calendar projects the larger November allocation. The difference reflects distinct tracking methodologies rather than proof that either figure will become immediate market supply.
Hyperliquid’s revenue-linked token repurchases introduce an additional source of demand that could absorb some circulating supply.
The mechanism is economically different from vesting. Contributor distributions can increase tokens available for trading, while repurchases remove tokens from the open market when executed.
Their effects cannot be netted automatically.
A buyback funded by protocol revenue may coincide with contributor selling, but the two flows can occur at different times, prices and venues. Over-the-counter transactions can also transfer substantial allocations without immediately appearing as public exchange sell orders.
The most informative evidence will come from actual contributor transfers, subsequent wallet movements, staking withdrawals and exchange deposits.
The concentration extends beyond Hyperliquid. BTW’s November 2 release and Monad’s November 24 event bring the combined scheduled value of the three largest allocations to approximately $1.20 billion.
The remaining releases are distributed across dozens of projects, including Cronos, LayerZero, Avalanche and other tokens.
The following table highlights selected events from the November calendar.
DATE ASSET UNLOCK VALUE Nov 02 BTW $149.39M Nov 06 HYPE $923.63M Nov 08 AVAX $14.33M Nov 16 CRO $60.02M Nov 20 ZRO $38.88M Nov 24 MON $131.90M Nov 29 FF $19.44MA $60 million unlock in a liquid market may have less influence on price than a smaller allocation in a token with limited exchange depth. Equally important is the percentage of existing circulating supply represented by the release.
Recipient composition also changes the analysis. Team and early-investor allocations can create concentrated potential selling, while ecosystem distributions may be spread among many participants or retained for operational purposes.
For BTW and MON, the relevant comparison is therefore between newly transferable tokens and the liquidity available to absorb them, rather than their dollar allocations alone.
The decline from October’s scheduled unlock value should not be interpreted as a corresponding reduction in potential market pressure.
Token unlock trackers generally express scheduled token quantities in dollars using market prices. A rally can inflate the reported value of future releases without changing the number of tokens due to vest.
Hyperliquid provides a particularly relevant example following the October 29 announcement that Intercontinental Exchange and TradeXYZ planned to develop regulated perpetual futures markets based on Hyperliquid infrastructure. The development has added a separate market catalyst ahead of the November vesting date.
A higher HYPE valuation would increase the dollar value assigned to a fixed token allocation, even if the underlying release schedule remained unchanged.
Price volatility around an unlock also cannot establish that recipients sold their holdings. Anticipatory positioning, derivatives liquidations and broader market movements may influence prices before any distribution occurs.
November’s most consequential evidence will be observable token flows rather than calendar estimates. If contributor wallets transfer HYPE to exchanges, the case for immediate sell-side liquidity strengthens. If tokens remain staked, held or transferred privately, the scheduled headline figure will overstate the supply reaching public order books.
That distinction is especially important for a month in which one modeled allocation dominates the market’s token-unlock calendar.
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