As we approach 2026, a wave of token unlocks is about to hit. From December 22 to January 31, projects with unlock scales exceeding 5 million USD will emerge in clusters. This might not sound like a big deal, but the problem is that trading volume is already sparse during the holiday, and liquidity is significantly declining. Once large unlocks coincide with a sluggish market, the liquidity bottleneck will be pierced, and price fluctuations are often exceptionally severe. For holders, it is crucial to closely monitor the unlock schedule during this period and prepare risk planning in advance.