EIGEN: When Protocol Success Meets $47M Monthly Unlocks On October 10, the entire crypto market crashed on the tariff news. $EIGEN dropped 53% intraday, from $1.82 to $0.86. It looked like another market flash victim, but that’s not the full story here. 68% of $EIGEN's most profitable traders exited in the last 30 days. They weren't reacting to the October 10 tariff crash. They were front-running a 24-month supply shock, which had its first unlock on October 1. I pulled the data to see what happened on-chain, because I saw (yet again) too many bullish headlines on my timeline. But I also did it because the narrative didn't match the price action. EigenCloud is thriving: Google partnership, $17.5B TVL (up from $12B in August), Coinbase AgentKit integration, active development across EigenDA V2 and multichain expansion. But here's the problem: On November 1, roughly $47 million worth of $EIGEN tokens will unlock every month for the next two years. That's 13% of today's market cap entering circulation every 30 days. The most profitable traders saw this coming and left early, look at the last 30 days. Smart Money bought some of the dip, but it was mostly one whale who has since gone silent, as per @nansen_ai. Meanwhile, $12.2 million flowed into exchanges over the past week. The October 10 crash was noise and a distraction. The real signal here is timing: who exited before October 1, who bought during the flash crash, and who is staying quiet now. ------ 1⃣ The Exit Pattern: September–October 2025 Here’s what stands out first: 68% of the top 25 most profitable $EIGEN traders over the past 30 days have fully exited their positions. Not partial profit-taking, but full exits. The top performer (“crashman.eth”) made 272% ROI and now holds zero tokens. Second place made 97% and exited. Third made 91% and left. The pattern repeats down the leaderboard. Only 8 of 25 top traders still hold any $EIGEN, and their average “Still Holding %” is just 30%. Even those remaining trimmed 70% of their peak positions. This metric matters more than ROI. High returns with low holding percentages signal early conviction turning to caution. These exits began in mid-September, weeks before the October 10 market flash crash, when price was still above $2. These guys saw the unlock schedule and left early. ------ ...