According to Bloomberg, crypto investors are hedging against unlocked tokens by collaborating with market makers to lock in profits early. Institutions such as FalconX, Wintermute, Flowdesk, Caladan, as well as Laser Digital under GSR and Nomura, are involved in these transactions, which include discounted transfers of Simple Agreements for Future Tokens (SAFT) or signing forward contracts to settle at an agreed price upon unlocking, while requiring sellers to provide collateral to reduce default risk. Additionally, some OTC platforms offer closed token trading services. Certain transactions require approval from the project parties, but there are also ways to hedge that circumvent permission.

According to Bloomberg, crypto investors are hedging their unlocked tokens by collaborating with market makers to lock in profits early. Institutions such as FalconX, Wintermute, Flowdesk, Caladan, as well as GSR and Nomura's Laser Digital, are involved in these transactions. This includes transferring future token agreements (SAFT) at a discount or signing forward contracts for delivery at an agreed price upon unlocking, while requiring sellers to provide collateral to reduce default risk. Additionally, some OTC platforms also offer closed token trading services. Some transactions require approval from project parties, but there are also ways to hedge that bypass licensing requirements.

Cryptocurrency investors hedge the risk of unlocked tokens through market makers.