Deribit’s options market for Solana’s SOL token has become active, with whales engaging in bearish bets as the token’s price continues to decline ahead of an impending multi-billion dollar unlock.
Last week, SOL block trades totaling $32.39 million in notional value crossed the tape on Deribit, representing nearly 25% of the total options activity of $130.74 million. The remainder of the activity comprised screen trades, according to Amberdata. That’s the second-highest proportion of block trades to total activity on 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 executed over-the-counter and outside the regular order book and then booked on the exchange, allowing for a minimal impact on the market prices.
Options are derivative contracts that give the purchaser the…
