After the $1.4 billion Ethereum exploit at Bybit, the focus has shifted to Solana (SOL) as bearish sentiment intensifies.
Bybit’s CEO, Ben Zhou, confirmed the exchange has fully recovered the stolen funds, but concerns are mounting over Solana’s prospects in the face of a major token unlock.
Whales are making significant moves on Deribit, with a large portion of the options market now focused on put contracts for Solana.
Data shows that about 80% of the SOL options trading volume consists of puts, much higher than the 40% and 37.5% seen in Bitcoin (BTC) and Ethereum (ETH) during the same period.
This surge in bearish activity coincides with a slowdown in on-chain Solana activity and the approaching release of over $2 billion in SOL tokens on March 1.
The upcoming unlock of 11.2 million SOL, which represents nearly 2.3% of the total supply, is largely tied to assets from FTX and a foundation sale.
With nearly 60% of Solana’s daily spot trading volume potentially impacted, the market is bracing for volatility. While some investors are hedging their positions with puts, others are eyeing the price fluctuations as a chance to make profitable moves. How this situation unfolds will be crucial for Solana’s immediate price direction.
A whale trader is navigating a precarious situation as their heavily leveraged PEPE position on Hyperliquid teeters on the brink of liquidation.
Cryptocurrency exchanges that introduce altcoins may find themselves trapped in an endless cycle of listing speculative tokens, particularly memecoins, warns Alex Leishman, CEO of River Financial.
Pi Coin has experienced a dramatic decline in value, shedding around 70% from its peak price.
A significant loss has been recorded by an Ethereum whale, as revealed by on-chain data shared by The Data Nerd.