Solana (SOL) CME Futures Launch Disappoints Compared to Bitcoin (BTC) and Ethereum (ETH)

Solana made headlines with the debut of its CME futures contracts, marking a significant step toward institutional adoption. However, unlike the massive market reactions

Solana futures made their debut on the Chicago Mercantile Exchange (CME) on Monday, but the launch was met with little excitement.

Solana’s CME futures clocked a modest $12.1 million in first-day trading volume and $7.5 million in open interest. In comparison, Bitcoin and Ethereum’s futures saw a much greater launch.

Bitcoin CME futures launched in December 2017 with a staggering $102 million in first-day trading volume and $21 million in open interest, while Ethereum CME futures, which began trading in February 2021, recorded $31 million in trading volume and $20 million in open interest on their first day.

However, K33 research analyst Vetle Lunde argues that these figures should be normalized based on market cap. At its launch, Solana’s (SOL) market cap stood at approximately $65 billion, significantly lower than Ethereum’s (ETH) $200 billion and Bitcoin’s (BTC) $318 billion during their respective CME futures debuts.

Moreover, adjusting for inflation over the past five years, considering that Bitcoin futures launched during the peak of the 2017 bull market, the figures for Solana’s futures launch appear less impressive.

Despite the lackluster launch, interest in Solana futures is expected to grow gradually over time.

“[Solana futures] are launching at a time when the market is largely uninterested. We can see this in the low participation in Solana’s futures on CME at the beginning of the week, and also in the low volumes we are seeing in crypto markets right now,” said Lunde.

He added that the lack of interest from institutional traders is evident in the minimal open interest in Solana futures.

“We can compare this to Bitcoin futures, where we saw a great deal of institutional interest at the launch, which translated into high open interest in the futures at the time of launch.”

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