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.
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