• ARB, OP, WLD, and STRK are among tokens set for a combined $173.56 million unlock event next week.
• The unlocking of ARB, WLD and STRK tokens may spark further retracement in their prices, which are currently on a downtrend.
• ENA and 1INCH will undergo another unlock event following recent hikes in their supply.

The crypto market is set to witness over $173 million worth of token unlocks next week featuring Arbitrum (ARB), Optimism (OP), Starkware (STRK) and others. These tokens will see a hike in their circulating supply, which historically causes downward pressure on prices.

Crypto token unlocks to look out for next week

The crypto market will witness another round of token unlocks next week, according to data from token tracker TokenUnlocks on Friday. The unlocks, worth $173.56 million at the time of writing, will raise the circulating supply of several tokens, including ARB, STRK, AXS, APE, PIXEL, ENA, MATA, RNDR, CYBER, ASTR, NYM, EUL, 1INCH and FORT.

Token unlocks are events where a cryptocurrency project releases new tokens into circulation. These events increase the token's supply and often cause a decline in its price.