Solana Whales Increase Engagement in Bearish Options Plays on Deribit Amid SOL Meltdown and Impending Unlock
- SOL block trades accounted for nearly 25% of the total solana options activity on Deribit last week.
- 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
- Most of the block trades featured put options, which offer downside protection.
- Slowdown in the onchain activity and the impending unlock weigh over the token’s price.