Deribit’s opportunity market for Solana’s Sol-Token has become active, with whales participating in Bearish bets as the token’s price continues to fall in front of an impending locking of several billion dollars.

Last week, Sol Block traded a total of $ 32.39 million in the nominal value of tape on abandonment, representing almost 25% of the total option activity of $ 130.74 million. The rest of the activity included screen trader according to Amberdata. It is the second highest proportion of block dealer for the overall activity on the 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 performed over-the-counter and outside the ordinary order book and then booked on the stock exchange, enabling a minimal influence on market prices.

The options are derived contracts that give the buyer the right, but not the obligation to buy or sell the underlying asset, in this case the sun, at a preset price of or before a specific date. A call option gives the right to buy while a put option gives the right to sell. On deribit, which accounts for over 85% of the global crypto option activity, represents an option contract 1 sun.

Last week’s Spike in Sol Block Trades contained a preference for put options used by dealers to uncover or take advantage of a potential price glass.

“Almost 80% of the block trading volume was concentrated in put contracts. Compared to only 40% sets for BTC and 37.5% set for ETH in the same timeframe,” said Greg Magadini, director of derivatives at Amberdata.

The whale’s demand for putting options comes as Sol’s Outlook appears bleak after 46% price glass for $ 160 in just over five weeks. Activity at Solana Blockchain, which became a place for Memecoin dealers last year, topped with the launch of the Trump token on January 17, three days before Donald Trump was inaugurated as president of the United States

Since then, the number of daily transactions on Solana and the cumulative daily volume of the Solana-based decentralized exchange has dropped significantly, according to Data Source Artemis. It has weakened the bullish case for sun.

Plus, the impending sun -token -locking on January 1st presents a significant headwind, Per Deribits Asia Business Development Head Lin Chen.

“Solana (Sol) will have a larger token -locking event on March 1, releasing 11.2 million sun -tokens, valued at approximately 2.07 billion foundation sale,” Chen said.

Chen explained that the large unlocking could breed market volatility as it accounts for almost 59% of the sun’s daily spot trading volume. Therefore, it is natural to see a lot of cover current in putting options in anticipation of a potential extended solar price glass.

“Many traders would also use the apartment for Long Vol[atility] To generate good yield, ”Chen noted.