Crypto Market Pulse: Token Unlock Pressure Mounts as Bitcoin ETF Outflows Extend to Six Days

Weekly Token Unlock Cycle Threatens Price Stability

HYPE, SUI, and EIGEN face significant unlock events this week, intensifying near-term selling pressure across the market. HYPE alone stands to release approximately $256 million in tokens, while Eigenlayer and Sui navigate their own unlock schedules. Analysts warn that such concentrated releases often trigger volatility spikes, particularly when combined with broader market sentiment shifts.

Current prices reflect the tension: HYPE trades at $24.48, SUI at $1.78, and EIGEN at $0.41. Traders are closely monitoring these releases as potential inflection points for entry or exit strategies.

Macro Headwinds: Gold Gains Ground, Crypto Retreats

Precious metals are capturing investor attention with spot silver breaking above $80/oz for the first time. The disparity is stark—gold has appreciated nearly 70% in 2025 while most cryptocurrencies have declined. Analyst Louis Navellier of Navellier & Associates has suggested that crypto investors may face a tactical choice to rotate capital into traditional safe havens like gold.

However, Capital Economics cautioned that precious metals valuations are approaching critical resistance levels, signaling potential reversals ahead.

Bitcoin Spot ETF Outflows: Pattern of Institutional Pullback

Bitcoin spot ETFs suffered $276 million in net outflows yesterday, extending the streak to six consecutive days of capital withdrawal. Ethereum ETFs mirrored weakness with $38.7 million in outflows, now registering losses over three days.

This pattern stands in contrast to the broader equity market, where U.S. indices are pushing toward record highs: Dow -0.04%, Nasdaq -0.09%, S&P 500 -0.03%. The mixed signals suggest institutional investors are selectively reducing crypto exposure despite bullish equity trends.

Liquidation Landscape: Two-Sided Risk Heightened

Total crypto liquidations reached $121 million over the past 24 hours, with shorts accounting for $84 million. Bitcoin liquidations totaled $24 million while Ethereum saw approximately $28 million cascaded.

Key liquidation zones reveal concentrated leverage: BTC short positions cluster between 89,500–90,000, where a breakout could trigger cascading short squeezes. Below the 87,000–88,000 support band, heavy long leverage creates the inverse risk—breakdown here would rapidly liquidate longs. The current price point near 89,300 sits precisely in this volatile corridor.

On the positive side, BTC spot markets absorbed $316 million in inflows against $280 million in outflows, yielding a modest $36 million net inflow.

Market Microstructure: Volatility Persists Beneath Calm Surface

Despite surface-level stability, 10x Research emphasizes that underlying volatility remains elevated. Bitcoin may still be in a downtrend, but January could deliver a bullish reversal if macroeconomic conditions align. The crypto treasury company landscape continues deteriorating—MoreMarkets co-founder Altan Tutar projects that most Bitcoin and crypto asset treasury firms will disappear as competition intensifies, with only value-delivery specialists surviving.

Notable On-Chain Movements

• El Salvador has accumulated 1,511 BTC year-to-date, signaling sustained sovereign accumulation
• A whale withdrew 2,218 ETH ($367 million equivalent), 37.1 million SKY, and 4,772 AAVE from major exchanges, suggesting repositioning
• Whale “0xa339” liquidated 10,002 ETH for $29.38 million USDC after employing looping strategies for ETH long positioning
• Hyperliquid co-founder revealed 1.2 million HYPE tokens earmarked for team distribution following January 6 unlock

Emerging Concerns: Trust Wallet Breach and Insider Trading Flags

Trust Wallet confirmed 2,596 wallet addresses were compromised, with updates expected within 24 hours. Separately, Bubblemaps flagged potential insider trading in meme coin ATLAS, with just 68 wallets controlling 47% of total supply—a concentration risk signaling possible manipulation.

Market Snapshot

• ZEC: $402.02 | Whale movement detected on major platforms
• AAVE: $165.29 | Strong institutional positioning
• ETH: +0.59% (24h) | Holding above support amid broader pullback
• Total liquidations: $121M (24h) | Risk remains balanced between long and short sides
• Solana DEX spot volume: $1.7T+ YTD | Second-largest after centralized venues

The convergence of token unlocks, ETF outflows, and elevated liquidation zones suggests January will test market resilience at multiple levels.