The Sol Token de Solana options market has become active, and whales are involved in bass bets as the token price continues to decrease before an imminent multimillion -dollar unlocking of dollars.
Last week, Sol Block operations for a total of $ 32.39 million in notional value crossed the film in detribit, which represents almost 25% of the total options of $ 130.74 million. The rest of the activity included screen cotilios, according to Amberdata. That is the second highest of block operations to the total activity registered.
A “block trade” in the options refers to a transaction of significant and negotiated options between two parties that involve a large number of contracts. These operations, generally associated with whale activity, are executed without a recipe and outside the regular order book and then reserve in the exchange, allowing a minimum impact on market prices.
The options are derived contracts that give the buyer the right, but not the obligation to buy or sell the underlying asset, in this case, Sol, at a pre -established price in or before a specific date. A purchase option gives the right to buy, while a sales option provides the right to sell. In Delibit, which represents more than 85% of the global encryption options, an option contract represents 1 sun.
Spike in Sol Block operations last week presented a preference for sales options, which operators use to protect or benefit from a possible price drop.
“Almost 80% of the block trade volume concentrated on Put contracts. Compared to only 40% of the PUT for BTC and 37.5% for ETH during the same time frame,” said Greg Magadini, director of Amberdata derivatives.
The demand for whales of sale options occurs when Sol’s Outlook appears bleak after the price drop of 46% to $ 160 in just over five weeks. The activity in Solana Blockchain, which became a place for Memecoin merchants last year, reached its maximum point with the launch of the Trump card on January 17, three days before Donald Trump was inaugurated as president of The United States.
Since then, the number of daily transactions in Solana and the cumulative daily volume in decentralized exchanges based in Solana has decreased significantly, according to the Artemis data source. That has weakened the upward case for Sol.
In addition, the imminent unlocking of Tokens Sol on January 1 presents a wind against significant, according to the head of Commercial Development of Deribit, Lin Chen.
“Solana (Sol) will have an important token unlock event on March 1, releasing 11.2 million tokens sun, valued at approximately $ 2.07 billion. This represents 2.29% of the total supply. A significant part of the unlocking comes from The FTX farm and a heritage and a sale of the foundation, “Chen said.
Chen explained that large unlocking could raise market volatility, since it represents almost 59% of the daily volume of Sun spot trade. Therefore, it is natural to see a great coverage flow in the sale options in the anticipation of a Possible extended sun price slip.
“Many merchants would also take this opportunity for a long time vol.[atility] To generate good performance, “Chen said.
