After the $1.4 billion Ethereum exploit at Bybit, the main target has shifted to Solana (SOL) as bearish sentiment intensifies.
Bybit’s CEO, Ben Zhou, confirmed the alternate has totally recovered the stolen funds, however considerations are mounting over Solana’s prospects within the face of a significant token unlock.
Whales are making important strikes on Deribit, with a big portion of the choices market now centered on put contracts for Solana.
Information reveals that about 80% of the SOL choices buying and selling quantity consists of places, a lot greater than the 40% and 37.5% seen in Bitcoin (BTC) and Ethereum (ETH) throughout the identical interval.
This surge in bearish exercise coincides with a slowdown in on-chain Solana exercise and the approaching launch of over $2 billion in SOL tokens on March 1.
The upcoming unlock of 11.2 million SOL, which represents practically 2.3% of the whole provide, is essentially tied to belongings from FTX and a basis sale.
With practically 60% of Solana’s every day spot buying and selling quantity probably impacted, the market is bracing for volatility. Whereas some traders are hedging their positions with places, others are eyeing the value fluctuations as an opportunity to make worthwhile strikes. How this case unfolds will probably be essential for Solana’s quick value path.
