Token unlocks worth roughly $212.5 million are scheduled across Ethena, Bitway and Kite AI in the coming week, bringing a sizable batch of previously restricted assets into circulation. Bitway accounts for the largest dollar-denominated release at about $110 million, while Kite AI faces the sharpest proportional increase, with 670 million KITE tokens equal to 27.9% of its circulating supply set to unlock.
The releases will expand the tradable supply of tokens linked to three distinct crypto sectors: Ethena's synthetic-dollar ecosystem, Bitway's Bitcoin-focused decentralized finance infrastructure, and Kite AI's network for autonomous AI agents. Unlock events do not automatically result in immediate selling, but their scale can affect market liquidity and price discovery when recipients choose to realize gains or rebalance holdings.
Bitway's $110 million unlock leads by value
Bitway is scheduled to unlock 100 million tokens valued at approximately $110 million, making it the largest event among the three by dollar value.
The project is built with Cosmos-SDK and CometBFT and positions itself as a Bitcoin-compatible application-specific blockchain, or appchain. Its stated goal is to bring native DeFi functions to Bitcoin holders, including lending mechanisms that use Bitcoin as collateral.
Bitway's design relies on Discreet Log Contracts, known as DLCs, for non-custodial collateral arrangements. DLCs are smart-contract-style agreements that settle according to externally verifiable outcomes without requiring users to hand control of their Bitcoin to a centralized custodian. The network also includes BTCT, a cross-chain bridge operated by validators using FROST signatures, a threshold-signature scheme designed to allow multiple parties to authorize transactions jointly.
A $110 million token release places attention on the depth of available markets for the asset. Newly unlocked tokens may remain held by contributors, backers or ecosystem participants, yet a release of this size can increase the amount available for trading substantially if holders decide to sell. Projects with thinner liquidity are generally more exposed to sharp moves when large blocks of supply reach the market.
The unlock also arrives while Bitcoin-linked DeFi remains a competitive and technically demanding sector. Bitway's approach depends on users trusting its collateral framework, bridge design and validator set, alongside the market's appetite for its token.
Kite AI faces the largest supply increase
Kite AI is expected to unlock 670 million KITE tokens worth about $76.84 million. The scheduled amount represents 27.9% of the token's circulating supply, the largest share among the releases described.
Kite AI is developing what it calls a base layer for an agentic internet, an open network intended to let autonomous software agents interact, verify identity, make payments and coordinate tasks across applications. The project's framework combines identity, payments and governance in one system, with the aim of allowing AI agents to transact and collaborate without conventional intermediaries.
The size of the KITE unlock gives the event particular relevance for existing token holders. A release equivalent to more than one-quarter of current circulating supply can alter the supply-demand balance rapidly, especially if market activity has not expanded at the same pace.
That does not mean the token must decline after the unlock. Prices depend on how tokens are allocated, whether recipients have immediate liquidity, prevailing market conditions and whether new buyers absorb the supply. Yet a larger circulating float means the market will need more sustained demand to support the same valuation per token.
For an early-stage network token, the distinction between technical ambition and current token-market capacity can be stark. Kite AI's proposed infrastructure may target a large future market for agent-to-agent commerce, but an unlock is a near-term event governed by liquid supply and trading behavior.
Ethena unlock is tied to ENA, not USDe reserves
Ethena is scheduled to unlock 140 million tokens worth approximately $25.64 million. While the project is closely associated with USDe, its synthetic dollar product, the unlocked asset is Ethena's governance token rather than new USDe issuance.
Ethena's USDe model uses collateral that can include Bitcoin and staked Ether, or stETH, combined with short positions in Bitcoin and Ether derivatives. The structure aims to offset directional price exposure through hedging, while returns can come from spot collateral yields and funding payments in perpetual futures markets.
USDe's ability to maintain its intended dollar value depends on the management of collateral, hedges, counterparties and market conditions. The ENA token unlock does not directly add supply to USDe or mechanically alter the protocol's hedge positions. Treating an ENA release as though it were a release of new stablecoins would blur two separate parts of Ethena's system.
The unlock could nevertheless affect trading in ENA, whose market value reflects views on Ethena's governance, revenue framework and the durability of the USDe model. A $25.64 million release is smaller than the planned Bitway and Kite AI events, but it remains meaningful for a token whose holders may include early contributors and ecosystem participants.
Supply events test market liquidity
The combined value of the three scheduled unlocks is about $212.48 million using the supplied token valuations, slightly above the rounded $210 million figure. The amount is spread across unrelated projects, so it is unlikely to create a uniform market effect across cryptocurrencies. Each token will face its own liquidity conditions, holder base and trading demand.
Unlock calendars are useful warning tools rather than price forecasts. Traders often watch them because a token's circulating supply can increase well before a project's user activity, fees or protocol adoption have grown enough to match it. The immediate outcome will depend less on the headline token count than on who receives the assets and how much reaches active markets.
For Ethena, Bitway and Kite AI, the coming releases will provide an early test of whether current trading demand can absorb additional supply without severe disruption.
Watching large unlocks like Ethena and Bitway? Explore more token opportunities on Toobit’s markets dashboard.
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