Token unlocks play a pivotal role in the crypto market, impacting liquidity, price volatility, and investor sentiment. They are events in crypto where locked coins or tokens are released and become available for trading in the open market.
This week, three major projects—Axie Infinity (AXS), Jito Labs (JTO), and Xave (XAV)—will release previously locked tokens into circulation. Here’s what you need to know and watch for.
1. Axie Infinity (AXS)
Unlock Date: April 12
Number of Tokens to be Unlocked: 10.72 Million AXS (3.97% of Total Supply)
Current Circulating Supply: 160.159 Million AXS
Total supply: 270 Million AXS
Axie Infinity is a blockchain-based game featuring digital creatures called Axies, often compared to Pokémon. This pet-centric game combines elements of blockchain, NFTs, and ERC-20 tokens, offering players the chance to collect, battle, and trade unique creatures in a virtual world.
The April 12 unlock will consist of 10.72 million AXS tokens valued at about $29 million. Axie Infinity will award the majority of these tokens for staking rewards and for the team.
Number of Tokens to be Unlocked: 11.31 Million JTO (1.13% of Total Supply)
Current Circulating Supply: 313.37 Million JTO
Total supply: 1 Billion JTO
Jito is a liquid staking service on Solana that distributes MEV rewards to holders. On April 7, Jito will unlock 11.3 million tokens which is currently worth around $20 million.
The project will allocate the majority of the unlocked tokens for ecosystem development, core contributors, and community growth. Additionally, it will allocate 10% of the tokens for airdrops.
Number of Tokens to be Unlocked: 313.29 Million XAV (3.13% of Total Supply)
Total supply: 10 Billion XAV
Xave is a DeFi platform that focus on decentralized foreign exchange (FX) markets. It enhances stablecoin liquidity through an automated market maker (AMM) model.
On April 11, the network will unlock over 313 million XAV tokens, which constitutes just over 3% of the total supply. Xave will largely focus distribution to the team, investors, and treasury.
The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.
The following is a roundup of some of the most important developments in the crypto market this week.
14 US States Disclose $632 Million Stake in MSTR
One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.
“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.
US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto
California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.
Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.
Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange.
This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.
“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.
Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.
Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.
Blum Co-Founder Vladimir Smerkis Arrested in Moscow
Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’
“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.
In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.
“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.
Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025
This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.
Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.
Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.
“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400. DXY: Collapses from 96 → 68. US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed. SPX: Collapses 50%,” Krueger stated.
The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit.
The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.
In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.
“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.
With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.
Alex Mashinsky faces up to 20 years in jail as the US DoJ (Department of Justice) pursues the Celsius founder and former CEO for orchestrating a years-long campaign of lies and self-dealing.
Prosecutors are pushing for such an extreme punishment, citing Mashinsky as an example of the repercussions of crypto misconduct.
CEL Token Soars 70% Amid Mashinsky’s 20-Year Sentence Risk
The US DoJ issued the request in a sentencing memo filed on Monday, April 28, asking the court for a 20-year jail term for Alex Mashinsky.
The prosecution calls Mashinsky out for “deliberate, calculated” fraud, which resulted in the loss of almost $7 billion in customer funds.
Despite this report, CEL, the powering token for the Celsius Network, is up by over 70%. As of this writing, data on CoinGecko shows CEL was trading for $0.1507.
This request comes five months after Mashinsky’s guilty plea, following fraud charges, including CEL token market manipulation, and avoiding a January trial. Commodities fraud and price manipulation were among the schemes linked to Celsius’s collapse.
According to the DoJ, while Mashinsky pled guilty, he still refuses to accept responsibility. Instead, he is reportedly shifting blame to regulators, market conditions, and even his victims.
“Mashinsky’s crimes were not the product of negligence, naivete, or bad luck. They were the result of deliberate, calculated decisions to lie, deceive, and steal in pursuit of personal fortune,” the DoJ contends.
Meanwhile, this case traces back to July 2023 when the US SEC (Securities and Exchange Commission) sued Celsius and Mashinsky. The securities regulator cited the two defendants for:
Misrepresentation of the central business model and risks to investors.
Misrepresentation of financial success.
Misrepresentation of the safety of customers’ assets on the Celsius platform.
Market manipulation of Celsius (CEL) tokens
Beyond the DoJ and SEC, other agencies, including the CFTC (Commodities Futures Trading Commission), FTC (Federal Trade Commission), and the US Government, had also filed similar charges against Celsius and Mashinsky.
“SEC, DOJ, CFTC, and FTC all sued/charged Celsius and Mashinsky in the past hour. Rough day,” db reported at the time.
Meanwhile, efforts to make victims whole have included unstaking the platform’s Ethereum (ETH) holdings. In January 2024, Celsius informed its followers on social media that it was working to compensate victims.
“The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,” read the post.
More recently, Celsius announced the second payout to creditors, citing $127 million in Bitcoin (BTC) and US dollars based on eligibility.
Mashinsky’s sentencing is set for Thursday, May 8. If the court agrees to the US DoJ’s push for a 20-year sentence, Alex Mashinsky would have received a lesser sentence than FTX’s Sam Bankman-Fried (SBF) 25-year jail term.
Ripple’s recently acquired Hidden Road has secured a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). This marks a significant milestone in expanding its prime brokerage services for institutional investors.
Market watchers see it as a deliberate strategy by Ripple to build infrastructure and position itself for future growth. That being said, traders are expecting that XRP’s value will rise later.
Ripple Expands Institutional Presence with Hidden Road’s FINRA License
According to the latest press release, Hidden Road Partners CIV US LLC was granted approval. The license now enables the firm to provide a broader suite of regulatory-compliant services, including clearing, financing, and prime brokerage for fixed-income assets to institutions.
Noel Kimmel, President of Hidden Road, highlighted that the license was a pivotal development for the company. According to him, it enhances Hidden Road’s ability to operate in traditional financial (TradFi) markets.
“As a FINRA member, we will be able to bring our best-in-class, technology-driven fixed income service offering to an expanded universe of institutional clients. Our business has tremendous momentum, and we look forward to continuing to provide superior execution and support to our clients amidst today’s exceptionally dynamic market environment,” Kimmel said.
The move positions Ripple as the first cryptocurrency company to own a global, multi-asset prime broker. Experts believe the acquisition and subsequent license are part of a broader strategy Ripple is employing.
“Hidden Road just secured a broker-dealer license right after Ripple’s acquisition. This isn’t a coincidence, it’s a statement. XRP is not playing checkers. It’s playing regulatory chess,” an analyst wrote on X (formerly Twitter).
Is Ripple Behind XRP’s Low Price? Analyst Thinks So
In fact, analysts also claim that XRP’s neutral reaction to recent milestones isn’t a sign of weakness but rather a strategic move. In a recent analysis, crypto analyst Levi argued that the current price of XRP, hovering around $2, is not coincidental, but rather a result of Ripple’s deliberate approach.
He suggested that the low price is designed to allow Ripple to operate under the radar while making key strategic moves, such as the Hidden Road acquisition.
“Hidden Road isn’t a flex. It’s infrastructure. It’s the final puzzle piece — giving Ripple a fully integrated, lightning-fast, global value settlement system,” he stated.
The analyst emphasized that while the public focused on Ripple’s legal battles with the SEC, the company quietly built its global value settlement system behind the scenes.
“XRP at $2 isn’t undervalued — it’s deliberately suppressed. When the switch flips, the revaluation won’t be gradual — it’ll be instant,” Levi noted.
