Solana’s (SOL) futures launch on the Chicago Mercantile Exchange (CME) got off to a slow start, with minimal trading activity sparking concerns about institutional appetite for the asset, according to K33 Research.
Analysts Vetle Lunde and David Zimmerman from K33 Research highlighted that Solana futures saw just $12.3 million in trading volume on the first day, with open interest reaching $7.8 million.
This is a stark contrast to previous CME futures debuts—Bitcoin futures launched in 2017 with $102.7 million in volume, while Ethereum’s 2021 launch saw $31 million in trades.
Unlike the speculative frenzy during Bitcoin’s 2017 launch or Ethereum’s strong altcoin-driven market in 2021, Solana’s debut comes at a time of cautious sentiment in the crypto space.
With fewer market catalysts driving interest, demand for Solana’s derivatives appears weak.
While Solana’s market cap aligns with past futures launches, the subdued numbers raise questions about the potential impact of a Solana spot ETF if one gets regulatory approval.
K33 analysts suggest that, unlike the major impact of the spot Bitcoin ETF’s launch in early 2024, a Solana ETF would likely see limited influence on price movements.
A new milestone in cryptocurrency investment products is set to unfold this Wednesday, as REX Shares prepares to launch the first-ever U.S.-listed staked crypto exchange-traded fund (ETF), according to a company announcement shared on X.
XRP (XRP) has gone up by 1.2% in the past 24 hours but, behind that mild price increase, there has been a significant spike in trading volumes. During this period, $2.4 billion worth of XRP has exchanged hands, representing an 83% increase. Just hours ago, Ripple announced the official launch of its Ethereum-compatible sidechain called […]
A community-driven initiative launched Monday is inviting Ethereum users to lock art, memories, and personal messages inside a decentralized “time capsule,” set to be opened on the network’s 11th anniversary next year.
A new CryptoQuant report highlights a growing divergence between long-term Ethereum holders and short-term Bitcoin buyers, with significant accumulation behavior unfolding in both markets amid increasing political and economic tension in the U.S.