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80% of SOL trading is focused on put options! Deribit whale has a strong bearish sentiment
zhoucl 2025-04-22 15:16:06 区块百科 已有人查阅
导读As Solana (SOL) prices continue to decline, the trading volume of the SOL options market on the derivatives trading platform Deribit has surged, and large investors (whales) are betting on further price declines.
Giant Whale Layout SOL Put Options
As Solana (SOL) prices continue to decline, the trading volume of the SOL options market on the derivatives trading platform Deribit has surged, and large investors (whales) are betting on further price declines.
According to CoinDesk, Deribit's SOL options block trades totaled $32.39 million last week, accounting for nearly 25% of the exchange's total options trading volume of $130.74 million. According to Amberdata's data, this is the second highest proportion of bulk trades in history, with the remaining trading volume coming from "screen trades" conducted through the exchange's public order book.
Block trading refers to large-scale option trading that is privately negotiated and registered on the exchange, usually executed by Whale investors through over-the-counter (OTC) trading to reduce the impact on market prices.
The market has a strong bearish sentiment, with 80% of trading concentrated on PUT options
Options are a derivative financial instrument that allows holders to buy or sell assets at an agreed price before a specified date. Among them, call options allow buyers to buy at a fixed price, while put options allow holders to sell assets at a predetermined price.
Greg Magadini, Head of Derivatives at Amberdata, pointed out:
About 80% of SOL bulk trading volume is concentrated in put options, much higher than the proportion of BTC (40%) and ETH (37.5%) during the same period
This indicates that investors are actively hedging against the potential further downside risk of SOL.
SOL prices plummet, market sentiment turns bearish
In the past five weeks, SOL prices have plummeted by 46% to $160, and market sentiment is trending towards pessimism. The Solana memory blockchain once attracted a large number of traders due to the meme coin craze, especially after the peak trading volume of the TRUMP token was launched on January 17th. But subsequently, Solana's daily trading volume and DEX trading volume significantly decreased, further weakening market confidence in SOL.
The report from Artemis, a data analysis company specializing in memory blockchain, shows that trading activity on the Solana network has significantly weakened, forming a vicious cycle with the decline in SOL prices.
The major unlocking event of SOL on March 1st may intensify the pressure of selling
Deribit Lin Chen, the business leader of the Asia Pacific region, warned that a major token unlocking event will occur on March 1st, which may further affect SOL prices.
「Solana 11.2 million SOLs (worth approximately $2.07 billion) will be unlocked on March 1st, accounting for 2.29% of the total supply. These tokens mainly come from FTX bankruptcy liquidation and Solana Foundation sales
Lin Chen It is pointed out that the scale unlocked this time is close to 59% of SOL's daily spot trading volume, which may lead to significant market fluctuations in the short term. Therefore, investors heavily buy put options to hedge risks and profit from long volatility trading.
In summary, SOL The recent price decline, weakened activity in memory blockchain, and the upcoming large-scale unlocking have led to a generally pessimistic attitude towards its future performance in the market.
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