• bitcoinBitcoin (BTC) $ 115,058.00
  • ethereumEthereum (ETH) $ 4,518.68
  • xrpXRP (XRP) $ 2.99
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 920.73
  • solanaSolana (SOL) $ 234.37
  • usd-coinUSDC (USDC) $ 0.999800
  • dogecoinDogecoin (DOGE) $ 0.268216
  • staked-etherLido Staked Ether (STETH) $ 4,512.61
  • tronTRON (TRX) $ 0.344979
  • cardanoCardano (ADA) $ 0.861041
  • wrapped-stethWrapped stETH (WSTETH) $ 5,482.30
  • chainlinkChainlink (LINK) $ 23.47
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,873.33
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 115,104.00
  • hyperliquidHyperliquid (HYPE) $ 53.31
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • suiSui (SUI) $ 3.52
  • avalanche-2Avalanche (AVAX) $ 29.41
  • figure-helocFigure Heloc (FIGR_HELOC) $ 0.995604
  • wrapped-eethWrapped eETH (WEETH) $ 4,861.38
  • stellarStellar (XLM) $ 0.378102
  • bitcoin-cashBitcoin Cash (BCH) $ 592.68
  • wethWETH (WETH) $ 4,522.73
  • hedera-hashgraphHedera (HBAR) $ 0.235142
  • leo-tokenLEO Token (LEO) $ 9.56
  • litecoinLitecoin (LTC) $ 113.38
  • the-open-networkToncoin (TON) $ 3.14
  • usdsUSDS (USDS) $ 0.999611
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • crypto-com-chainCronos (CRO) $ 0.227833
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999841
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 115,112.00
  • polkadotPolkadot (DOT) $ 4.13
  • whitebitWhiteBIT Coin (WBT) $ 43.52
  • world-liberty-financialWorld Liberty Financial (WLFI) $ 0.221263
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.20
  • moneroMonero (XMR) $ 306.29
  • uniswapUniswap (UNI) $ 9.15
  • mantleMantle (MNT) $ 1.61
  • ethenaEthena (ENA) $ 0.700426
  • daiDai (DAI) $ 0.999267
  • aaveAave (AAVE) $ 297.65
  • pepePepe (PEPE) $ 0.000011
  • bitget-tokenBitget Token (BGB) $ 4.94
  • memecoreMemeCore (M) $ 2.49
  • okbOKB (OKB) $ 197.53
  • jito-staked-solJito Staked SOL (JITOSOL) $ 288.92
  • bittensorBittensor (TAO) $ 342.00
  • nearNEAR Protocol (NEAR) $ 2.62
  • ondo-financeOndo (ONDO) $ 1.03
  • ethereum-classicEthereum Classic (ETC) $ 20.38
  • aptosAptos (APT) $ 4.37
  • worldcoin-wldWorldcoin (WLD) $ 1.49
  • pump-funPump.fun (PUMP) $ 0.008481
  • story-2Story (IP) $ 9.34
  • pi-networkPi Network (PI) $ 0.356352
  • binance-staked-solBinance Staked SOL (BNSOL) $ 251.14
  • usdt0USDT0 (USDT0) $ 1.00
  • binance-peg-wethBinance-Peg WETH (WETH) $ 4,519.68
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.254897
  • usd1-wlfiUSD1 (USD1) $ 0.999648
  • arbitrumArbitrum (ARB) $ 0.490556
  • internet-computerInternet Computer (ICP) $ 4.65
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • kaspaKaspa (KAS) $ 0.083438
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.79
  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 53.40
  • cosmosCosmos Hub (ATOM) $ 4.46
  • myx-financeMYX Finance (MYX) $ 10.96
  • vechainVeChain (VET) $ 0.024039
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.032781
  • rocket-pool-ethRocket Pool ETH (RETH) $ 5,168.15
  • algorandAlgorand (ALGO) $ 0.231987
  • kucoin-sharesKuCoin (KCS) $ 15.95
  • gatechain-tokenGate (GT) $ 16.94
  • susdssUSDS (SUSDS) $ 1.07
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 4,760.97
  • render-tokenRender (RENDER) $ 3.77
  • fasttokenFasttoken (FTN) $ 4.48
  • sei-networkSei (SEI) $ 0.315052
  • hash-2Provenance Blockchain (HASH) $ 0.037778
  • usdtbUSDtb (USDTB) $ 0.999371
  • falcon-financeFalcon USD (USDF) $ 1.00
  • bonkBonk (BONK) $ 0.000023
  • flare-networksFlare (FLR) $ 0.023469
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,763.58
  • official-trumpOfficial Trump (TRUMP) $ 8.52
  • bfusdBFUSD (BFUSD) $ 0.999994
  • skySky (SKY) $ 0.072114
  • filecoinFilecoin (FIL) $ 2.41
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.636375
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,884.47
  • jupiter-exchange-solanaJupiter (JUP) $ 0.506219
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 115,162.00
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 4,782.62
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • tether-goldTether Gold (XAUT) $ 3,691.06
  • xdce-crowd-saleXDC Network (XDC) $ 0.076059
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 266.54
  • optimismOptimism (OP) $ 0.740934
  • injective-protocolInjective (INJ) $ 13.45
  • celestiaCelestia (TIA) $ 1.68
  • nexoNEXO (NEXO) $ 1.28
  • paypal-usdPayPal USD (PYUSD) $ 0.999817
  • immutable-xImmutable (IMX) $ 0.637303
  • wbnbWrapped BNB (WBNB) $ 920.53
  • spx6900SPX6900 (SPX) $ 1.29
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,848.95
  • blockstackStacks (STX) $ 0.647687
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 114,951.00
  • aerodrome-financeAerodrome Finance (AERO) $ 1.29
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998021
  • sonic-3Sonic (S) $ 0.299477
  • syrupusdcsyrupUSDC (SYRUPUSDC) $ 1.12
  • msolMarinade Staked SOL (MSOL) $ 311.02
  • saros-financeSaros (SAROS) $ 0.405431
  • pax-goldPAX Gold (PAXG) $ 3,688.80
  • lido-daoLido DAO (LDO) $ 1.17
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999999
  • curve-dao-tokenCurve DAO (CRV) $ 0.740059
  • super-oethSuper OETH (SUPEROETH) $ 4,521.06
  • the-graphThe Graph (GRT) $ 0.092367
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 114,904.00
  • pyth-networkPyth Network (PYTH) $ 0.160856
  • flokiFLOKI (FLOKI) $ 0.000095
  • conflux-tokenConflux (CFX) $ 0.178129
  • kaiaKaia (KAIA) $ 0.153998
  • clbtcclBTC (CLBTC) $ 116,439.00
  • dogwifcoindogwifhat (WIF) $ 0.879757
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 4,393.95
  • raydiumRaydium (RAY) $ 3.25
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.45
  • fourFour (FORM) $ 2.17
  • pendlePendle (PENDLE) $ 4.91
  • fartcoinFartcoin (FARTCOIN) $ 0.820914
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 4,520.07
  • zcashZcash (ZEC) $ 50.12
  • theta-tokenTheta Network (THETA) $ 0.805674
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.22
  • tezosTezos (XTZ) $ 0.755659
  • ethereum-name-serviceEthereum Name Service (ENS) $ 23.20
  • aethirAethir (ATH) $ 0.062979
  • galaGALA (GALA) $ 0.016640
  • iotaIOTA (IOTA) $ 0.186427
  • vaultaVaulta (A) $ 0.469326
  • ripple-usdRipple USD (RLUSD) $ 0.999825
  • ousgOUSG (OUSG) $ 112.58
  • the-sandboxThe Sandbox (SAND) $ 0.294510
  • stader-ethxStader ETHx (ETHX) $ 4,831.40
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.268228
  • jasmycoinJasmyCoin (JASMY) $ 0.014103
  • jito-governance-tokenJito (JTO) $ 1.81
  • tbtctBTC (TBTC) $ 114,907.00
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.997413
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • ether-fiEther.fi (ETHFI) $ 1.45
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 4,518.81
  • newton-projectAB (AB) $ 0.008366
  • morphoMorpho (MORPHO) $ 1.95
  • decentralandDecentraland (MANA) $ 0.335096
  • flowFlow (FLOW) $ 0.398800
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 4,972.38
  • bittorrentBitTorrent (BTT) $ 0.00000064
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,851.93
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 4,514.66
  • beldexBeldex (BDX) $ 0.082456
  • walrus-2Walrus (WAL) $ 0.413403
  • swethSwell Ethereum (SWETH) $ 4,882.11
  • usual-usdUsual USD (USD0) $ 0.997206
  • global-dollarGlobal Dollar (USDG) $ 0.999762
  • vision-3Vision (VSN) $ 0.166731
  • loaded-lionsLoaded Lions (LION) $ 0.017600
  • build-onBUILDon (B) $ 0.531251
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 115,253.00
  • starknetStarknet (STRK) $ 0.129034
  • benqi-liquid-staked-avaxBENQI Liquid Staked AVAX (SAVAX) $ 35.97
  • based-brettBrett (BRETT) $ 0.052067
  • bitcoin-svBitcoin SV (BSV) $ 25.88
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.54
  • usddUSDD (USDD) $ 1.00
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 4,525.20
  • frax-etherFrax Ether (FRXETH) $ 4,502.58
  • bybit-staked-solBybit Staked SOL (BBSOL) $ 259.76
  • true-usdTrueUSD (TUSD) $ 0.998549
  • heliumHelium (HNT) $ 2.64
  • syrupMaple Finance (SYRUP) $ 0.436429
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • dydx-chaindYdX (DYDX) $ 0.609581
  • apecoinApeCoin (APE) $ 0.577024
  • neoNEO (NEO) $ 6.51
  • arweaveArweave (AR) $ 7.00
  • telcoinTelcoin (TEL) $ 0.004900
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999800
  • polygon-pos-bridged-dai-polygon-posPolygon PoS Bridged DAI (Polygon POS) (DAI) $ 0.999861
  • steakhouse-usdc-morpho-vaultSteakhouse USDC Morpho Vault (STEAKUSDC) $ 1.10
  • coredaoorgCore (CORE) $ 0.439902
  • thorchainTHORChain (RUNE) $ 1.26
  • lineaLinea (LINEA) $ 0.028440
  • reserve-rights-tokenReserve Rights (RSR) $ 0.007366

Solana Whales Increase Engagement in Bearish Options Plays on Deribit Amid SOL Meltdown and Impending Unlock

0 83

Solana Whales Increase Engagement in Bearish Options Plays on Deribit Amid SOL Meltdown and Impending Unlock

Deribit’s options market for Solana’s SOL token has become active, with whales engaging in bearish bets as the token’s price continues to decline ahead of an impending multi-billion dollar unlock.

Last week, SOL block trades totaling $32.39 million in notional value crossed the tape on Deribit, representing nearly 25% of the total options activity of $130.74 million. The remainder of the activity comprised screen trades, according to Amberdata. That’s the second-highest proportion of block trades to total activity on record.

A “block trade” in options refers to a significant, privately negotiated options transaction between two parties involving a large number of contracts. Such trades, typically associated with whale activity, are executed over-the-counter and outside the regular order book and then booked on the exchange, allowing for a minimal impact on the market prices.

Options are derivative contracts that give the purchaser the right but not the obligation to buy or sell the underlying asset, in this case, SOL, at a preset price on or before a specific date. A call option gives the right to buy, while a put option provides the right to sell. On Deribit, which accounts for over 85% of the global crypto options activity, one options contract represents 1 SOL.

Last week’s spike in SOL block trades featured a preference for put options, which traders use to hedge against or profit from a potential price slide.

“Nearly 80% of the block-trade volume was concentrated in put contracts. Compared to only 40% puts for BTC and 37.5% puts for ETH during the same timeframe,” Greg Magadini, director of derivatives at Amberdata, said.

SOL options: Weekly volume in block trades and screen trades. (Amberdata/Deribit)

The whale demand for put options comes as SOL’s outlook appears grim following the 46% price slide to $160 in just over five weeks. The activity on the Solana blockchain, which became a go-to-place for memecoin traders last year, peaked with the launch of the TRUMP token on Jan. 17, three days before Donald Trump was inaugurated as the President of the U.S.

Since then, the number of daily transactions on Solana and the cumulative daily volume on the Solana-based decentralized exchanges has declined significantly, according to data source Artemis. That has weakened the bullish case for SOL.

Solana: Daily transactions and DEX volume. (Artemis)

Plus, the impending SOL token unlock on Jan. 1 presents a significant headwind, per Deribit’s Asia Business Development Head Lin Chen.

“Solana (SOL) will have a major token unlock event on March 1, releasing 11.2 million SOL tokens, valued at approximately $2.07 billion. This represents 2.29% of the total supply. A significant portion of the unlock comes from the FTX estate and a foundation sale,” Chen said.

Chen explained that the large unlock could breed market volatility as it accounts for nearly 59% of SOL’s daily spot trading volume. Hence, its natural to see a lot of hedging flow in put options in anticipation of a potential extended SOL price slide.

“Many traders would also take this opportunity to long Vol[atility] to generate good yield,” Chen noted.

Source

Leave A Reply

Your email address will not be published.