Unlock calendars show when a contractual restriction ends—not when every token gets sold. 🔓

Trace five layers:
1. Vested
2. Transferable
3. Counted as circulating
4. Available in liquid markets
5. Actually sold
The gaps matter. Tokens can remain with the recipient, be delegated, stay under internal controls, change hands privately, or enter public venues gradually. Even an exchange deposit does not prove execution.
Before calling an unlock “sell pressure,” check the recipient, remaining restrictions, supply methodology, release size versus usable liquidity, and follow-on market flows.
Follow the supply path, not just the date. 🧭