Solana SOL/USD Futures Trading Starts on CME, but Early Activity Is Underwhelming

This week, Solana SOL/USD futures have started trading on the Chicago Mercantile Exchange CME

output: Chicago Mercantile Exchange (CME) futures for Solana (CRYPTO: SOL) have started trading this week, but early activity was underwhelming compared to major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), according to research firm K33.

According to K33, the first day of trading for Solana futures saw a total volume of $12.3 million, and open interest ended at $7.8 million.

This marked a stark contrast to Bitcoin futures, which drew $102.7 million in volume and $20.9 million in open interest during their December 2017 debut on CME.

Ethereum futures fared better too, with trading at $31 million and open interest at $20 million when its futures launched in February 2021.

K33 analysts Vetle Lunde and David Zimmerman attributed the underwhelming performance to broader market conditions. They noted that Solana's introduction came during a period of muted risk appetite and without the tailwinds of a strong bull market or a rally in altcoins.

"Although Solana’s performance appears more reasonable when adjusted for its market capitalization, its absolute figures were far lower than previous futures launches," the K33 report stated.

The analysts added that despite the underwhelming start, the listing does fit a pattern often associated with eventual spot ETF approvals.

However, they cautioned that Solana's lower trading activity suggests any future ETF tied to the token may have a more modest impact on prices compared to the rally sparked by Bitcoin's spot ETF approval in early 2024.

The report comes at a time when several altcoin ETFs, including those for Solana, are currently under review by U.S. regulators.

For now, the futures market signals that institutional demand for Solana has yet to match the enthusiasm seen for Bitcoin and Ethereum during their initial futures rollouts.