TechFlow reported on February 24, according to CoinDesk, as Solana (SOL) price plunged 46% to $160 over five weeks, large traders on Deribit exchange are increasing their bearish options positions. Data shows that last week's SOL block trade volume reached $32.39 million, accounting for nearly 25% of the total options trading volume of $130.74 million—the second-highest level on record. Around 80% of these block trades were put options, significantly higher than Bitcoin’s 40% and Ethereum’s 37.5% during the same period.
Notably, Solana is set to undergo a major token unlock on March 1, releasing approximately 11.2 million tokens (worth about $2.07 billion), representing 2.29% of total supply, primarily from the FTX bankruptcy estate and foundation. This unlock size equals roughly 59% of SOL’s average daily spot trading volume, potentially triggering market volatility. Meanwhile, since the launch of the TRUMP token on January 17, on-chain activity within the Solana ecosystem has notably declined, with daily trading volumes on decentralized exchanges (DEX) continuously dropping, weakening SOL’s upward momentum.
