July 2026 brought a month shaped by structural extremes and concentrated risk. On the cliff side, activity clustered around a small number of dominant events — with one unlock towering over the rest in absolute dollar terms while a separate cohort delivered some of the most aggressive circulating supply expansions observed in the dataset. The linear side offered a different profile: broad-based emission anchored by the market's deepest assets releasing at sub-threshold rates, but with one outlier protocol beginning an acceleration that will reshape its float picture dramatically over the second half of 2026. Forward projections reveal a compounding schedule with outsized implications — particularly among tokens that appear modest in July but are positioned for steep quarter-on-quarter step-ups through December.

Key Takeaways (TL;DR)

• HYPE dominates July cliff at $690.55M — the month's largest cliff event by a factor of over 5x relative to the next-largest, with 4.46% circ expansion; cumulative cliff value projects to over $4.1B by September.
• PUMP (23.77% circ) and CONX (115.00% circ) — the two most structurally extreme float expansions in July: PUMP releases over 10% of total supply in a single cliff, CONX unlocks more tokens than its entire existing circulating supply.
• BTC ($876.22M) tops the combined leaderboard as a linear anchor — at 0.07% circ, non-dilutive emission at scale; LAB ($378.70M, 8.63% circ) is the standout linear event, compounding from 5.48% to over 53% of total supply by December.
• XPL (Plasma) posts the sharpest cliff acceleration in the longer timeframe — from 1.02% in July to 19.46% by September, a near-20x quarterly leap that crosses the 20% total supply threshold in a single step.
• Bittensor subnets cluster above 20% circ in All Linear — SN102, SN114, SN38, SN15, SN47, and SN31 all clear the threshold, signaling elevated and systematic monthly emission pressure across the TAO validator ecosystem.

Top 15 Unlock Value in July 2026

July's combined leaderboard was anchored by two dominant stories: BTC's linear emission setting a new monthly high in absolute dollar terms, and HYPE's cliff event as the month's largest discrete unlock. Below the top three, a mix of DeFi protocols, infrastructure tokens, and layer-one assets filled the remaining spots. Two tokens in the combined Top 15 crossed the 20% circulating supply threshold — PUMP and CONX — both cliff events delivering some of the most extreme float expansion in the dataset.

• BTC ($876.22M, 0.07% circ): The month's top entry by absolute value — a linear emission event at sub-threshold circ impact. The scale reflects Bitcoin's market depth rather than structural dilution risk; at 0.07% of circulating supply, this is a non-event in float terms.
• HYPE ($690.55M, 4.46% circ): The dominant cliff event of the month by a wide margin — at 4.46% circ expansion, a meaningfully sized float event for a protocol with deep but not unlimited liquidity. The 1.62% total supply reading confirms this is part of a sustained multi-quarter vesting schedule rather than a one-off event.
• LAB ($378.70M, 8.63% circ): The standout linear unlock of July — the third-largest entry overall and the most structurally significant linear event in the dataset. At 8.63% circ expansion from a single month's release, LAB's vesting schedule is aggressively front-loaded, with 5.48% of total supply releasing in July alone.
• PUMP (23.77% circ / 10.86% total, $120.56M): The highest %Circ reading in the combined Top 15 outside of CONX. Releasing over 10% of total supply in a single cliff event signals aggressive near-term issuance for a protocol whose circulating float is relatively thin.
• CONX (115.00% circ, $35.21M): The most structurally anomalous reading in the entire dataset — unlocking more tokens than its entire circulating supply in a single cliff event. The modest dollar value does not reduce the significance of a 115% circ expansion as a signal of highly concentrated pre-existing float relative to scheduled issuance.

Top 15 Cliff Unlocks by Value in July 2026

The cliff leaderboard in July was defined by HYPE's commanding lead and two tokens posting %Circ readings that signal structurally extreme float dynamics.

• HYPE ($690.55M, 4.46% circ): The definitive cliff event of the month — over 5x the next-largest entry. At 1.62% of total supply, the structural impact is contained as a share of issuance, but the raw dollar magnitude places it in a category of its own for July.
• PUMP ($120.56M, 23.77% circ / 10.86% total): The only top-three cliff event to exceed the key dilution benchmark. Releasing more than 10% of total supply in a single month is an aggressive schedule for a protocol with thin existing float, compounding near-term supply-side pressure.
• H ($66.81M, 14.60% circ): The third-largest cliff unlock at 14.60%, humanity continues to operate in a zone of meaningful float pressure.
• CONX ($35.21M, 115.00% circ): The most structurally extreme reading in the cliff dataset. Unlocking more tokens than the protocol's entire circulating supply in a single event is an exceptional signal — the modest absolute dollar value does not reduce the significance of a 115% circ expansion as a structural diagnostic.

All Cliff Unlocks in July 2026

Five tokens in an unusually deep bench of high-%Circ cliff events for a single month.

• ES (Eclipse, 93.89% circ / 21.67% total, $3.54M): The highest %Circ reading outside the Top 15, at nearly 94% — releasing almost its entire circulating supply in a single cliff event. The 21.67% total supply release makes this structurally extreme even in total-supply terms, signaling a heavily front-loaded vesting schedule for this infrastructure-layer L2.
• YALA (46.25% circ / 13.73% total, $0.04M): The second-highest non-Top-15 %Circ reading at 46.25%, with modest dollar value. For a smaller-cap protocol, this level of float expansion is structurally significant — the low absolute value should not obscure the dilution intensity relative to circulating supply.
• SPEC (Spectral, 35.14% circ / 3.62% total, $0.44M): Clears 35% circ in a single cliff event. The 3.62% total supply reading indicates Spectral's circulating float is small relative to its overall issuance — making high %Circ readings a recurring structural feature of its vesting rhythm.
• LAVA (Lava Network, 26.98% circ / 14.52% total, $2.64M): For a modular data-availability protocol, this level of single-month issuance is a notable float event that warrants monitoring as the vesting schedule compounds forward.
• SOLV (Solv Protocol, 26.96% circ / 4.22% total, $1.32M): The modest total supply share (4.22%) relative to the high circ reading signals a heavily concentrated existing float — the base circulating supply is thin enough that each monthly cliff carries disproportionate float impact.

Longer Timeframe for Cliff Unlocked Tokens in July 2026

Five cliff tokens stand out for their compounding trajectory through September and December. The selection is anchored by HYPE's dominant absolute value, but the more structurally notable stories are XPL — posting the steepest proportional single-quarter jump in the cohort — and H, whose cumulative trajectory approaches 16% of total supply by December. TRIBL completes its scheduled cliff issuance entirely within Q3, plateauing through year-end.

• HYPE (hyperliquid): From 1.62% in July to 4.87% through September and 9.74% through December — a near-uniform step of approximately 3.25pp and 4.87pp per quarter respectively. At $4.14B projected September value, HYPE's compounding cliff schedule represents the single largest source of supply-side pressure in the entire dataset by a considerable margin. The trajectory is measured but the absolute scale is exceptional.
• H (humanity): From 2.66% in July to 7.99% through September and 15.99% through December — tripling in the Jul-to-Sep window and nearly 6x'ing from July to December. Approaching the 16% %Total threshold by year-end makes H one of the higher-conviction cliff dilution stories in the cohort over the back half of 2026.
• XPL (Plasma): The sharpest proportional acceleration in the cliff longer cohort — from 1.02% in July to 19.46% through September, a near-20x quarterly leap that approaches the 20% total supply threshold in a single step. The Sep-to-Dec step moderates to 26.29%, a more measured 6.83pp increment. The Jul-to-Sep surge is front-loaded and concentrated, suggesting a large scheduled cliff event landing in Q3.
• CONX (connex): From 1.32% in July to 3.97% through September and 7.94% through December — a consistent near-doubling each quarter. The step-up trajectory is systematic and predictable, compounding toward the 8% %Total mark by year-end at $211M projected September value.
• TRIBL (tribal-token): Rises from 1.20% in July to 3.61% through September, then holds flat at 3.61% through December — cliff issuance is fully exhausted after Q3. The plateau signals that all scheduled cliff events concentrate in the July-to-September window, with no further dilution pressure projected through year-end.

Top 15 Linear & New Issuance Unlocks by Value in July 2026

July's linear leaderboard was anchored by the market's deepest assets — BTC, ETH, and established DeFi protocols — all releasing at sub-threshold circ rates. The standout structural story is LAB, the third-largest entry overall and the most aggressively scheduled linear token in the dataset: releasing 8.63% of circulating supply in a single month while its compounding trajectory tracks toward majority float release by year-end.

• BTC ($876.22M, 0.07% circ): The largest linear unlock of the month and the top combined leaderboard entry. At 0.07% of circulating supply, the float impact is negligible — the absolute dollar volume reflects Bitcoin's market scale rather than any structural dilution dynamic. A non-event in supply terms.
• LAB ($378.70M, 8.63% circ): The month's most structurally significant linear event by a wide margin — at 8.63% circ expansion in a single month, well above the level of most larger-cap linear tokens. Combined with a Dec projection of over 53% total supply released, LAB's linear schedule is among the most aggressively front-loaded in the dataset.
• ETH ($139.47M, 0.07% circ): The third-largest linear event, with float impact as contained as BTC's at 0.07% circ. The absolute dollar contribution is significant at scale, but Ethereum's deep circulating supply absorbs the monthly release without structural dilution consequences.

All Linear & New Issuance Unlocks in July 2026

Six tokens in the full All Linear dataset clear the 20% circulating supply threshold outside of those already featured in the Top 15 Linear — and all six are Bittensor subnets, making this a sector-wide signal of systematic monthly emission pressure across the TAO validator ecosystem.

• Bittensor subnets SN102 (38.87%), SN114 (30.48%), SN38 (30.17%), SN15 (28.21%), SN47 (26.14%), SN31 (25.52%): Six TAO-ecosystem subnets each clearing the 20% circ threshold in July's linear dataset, with dollar values ranging from $0.25M to $1.82M. The clustering is a structural feature of Bittensor's monthly emission model — subnets release proportionally large shares of their individual circulating supplies on a recurring basis, creating persistent float pressure at the subnet level even though aggregate dollar values remain modest.

Longer Timeframe for Linear & New Issuance Unlocked Tokens in July 2026

The five selected tokens for the longer linear view are anchored by BTC's dominant absolute Sep projection and LAB's exceptional acceleration trajectory. The cohort's range is wide — from sub-0.1pp quarterly steps in BTC and ETH to LAB's near-5x single-quarter leap — making July's linear longer cohort one of the most structurally diverse in the dataset.

• BTC (Bitcoin): A measured, near-uniform step from 0.07% in July to 0.19% through September and 0.39% through December — projecting $5.20B in cumulative Sep value, the largest absolute projection in the dataset. The trajectory is gradual in percentage terms, but the extraordinary scale of Bitcoin's market cap makes this the dominant linear emission story through year-end in dollar terms.
• LAB: The most dramatic linear acceleration in the cohort — from 5.48% in July to 24.59% through September and 53.40% through December. The Jul-to-Sep step is a near-5x quarterly leap, the steepest proportional acceleration among all longer linear tokens. By December, LAB will have released more than half its total supply. At $3.69B projected Sep value, the scale matches the pace.
• ETH (Ethereum): From 0.06% in July to 0.18% through September and 0.35% through December — a near-identical structure to BTC in percentage terms, with consistent 0.12pp and 0.17pp quarterly steps. The $827.8M Sep projection reflects Ethereum's scale; the trajectory is measured and non-disruptive.
• CC (Canton Network): A consistent near-tripling each quarter: from 0.82% in July to 2.43% through September and 4.86% through December. The step-up is systematic and predictable, with each period nearly doubling the prior cumulative. At $826.4M projected Sep value, the compounding trajectory carries meaningful supply consequences for an enterprise-infrastructure token at this stage of its vesting curve.
• DOGE (Dogecoin): A steady 0.22% in July, stepping to 0.65% through September and 1.30% through December — consistent ~0.43pp and ~0.65pp quarterly increments. The $210.8M Sep projection reflects DOGE's scale; the trajectory is gradual with no acceleration signals and characteristically predictable across the vesting window.