Solana News Today: Leveraged Crypto Bets Crumble Under Regulatory and Market Pressures

The crypto market's volatile weekend saw significant shifts in major positions, with a high-profile trader dubbed "Calm King" suffering a $12.92 million loss across 10 long positions in assets like ETH, SOL, and HYPE. On-chain analytics from CoinBob revealed that the trader's portfolio plummeted from $68 million to $5.8 million, with only a remaining SOL position of $5.8 million left, which now carries an unrealized loss of $930,000. Despite these setbacks, the trader maintains an overall profit of $2.8 million, having previously grown $3 million in capital to over $30 million in just two months according to reports.

Meanwhile, the largest ZEC short position on Hyperliquid, held by address 0xd47...51A91, remains underwater with a $13.77 million loss as of November 19. The position, initiated at $360 with 10x leverage, has faced mounting losses as ZEC prices surged to $750, a 208% increase from entry levels. Funding fees alone have eroded $536,000 of value. Recent on-chain activity suggests the address is attempting to manage the position by liquidating portions and reallocating collateral to offset losses, though the unrealized deficit has expanded to $18.44 million as of November 20.

The market's turbulence contrasts with new developments in crypto finance. Gemini launched a Solana-themed credit card offering up to 4% in SOL rewards on purchases, with auto-staking capabilities yielding an additional 6.77%. The product aims to capitalize on Solana's rapid growth, with Gemini noting that users who held Solana rewards for a year saw gains of nearly 300%.

Regulatory pressures also intensified in South Korea, where private equity firm MBK Partners received a preliminary sanction notice from the Financial Supervisory Service (FSS) over its management of Homeplus Co. The FSS is investigating whether investor interests, including those of the National Pension Service, were compromised during a credit rating downgrade. If finalized, the penalties could mark a historic first for South Korean regulators targeting a private equity general partner.

While the Calm King's losses highlight the risks of leveraged positions, the ZEC short saga and regulatory scrutiny underscore the fragility of high-stakes crypto bets. Market participants now watch for further volatility as the Federal Reserve's December rate-cut probability rises to 71.3%, fueling speculation about broader market dynamics.