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Token-unlock waves (WLFI, Aptos, Arbitrum) — short-term liquidity shock
Large scheduled unlocks raise available supply, increasing selling pressure and intra-day volatility until markets absorb the supply; exchanges see higher ask-side depth, spreads widen, and momentum algos can amplify declines. Phased/vesting designs soften but don’t remove short-term downside risk — watch exchange inflows and whale clustering.