Solana（Sol）ETF期貨產品難以吸引投資者，比特幣（BTC）佔據了市場

加密貨幣市場對交易所交易基金（ETF）的興趣似乎是高度選擇性的，比特幣（BTC）佔據了投資者利益的份額。

The cryptocurrency market’s appetite for exchange-traded funds (ETFs) appears to be highly selective, with Bitcoin (BTC) commanding the lion’s share of investor interest. This disparity is becoming increasingly evident as Solana (SOL) ETF futures products struggle to replicate the success of their BTC counterparts.

加密貨幣市場對交易所交易基金（ETF）的興趣似乎是高度選擇性的，比特幣（BTC）佔據了投資者利益的份額。隨著Solana（Sol）ETF期貨產品難以復制其BTC對應物的成功，這種差異變得越來越明顯。

Recent observations by Bloomberg ETF analyst Eric Balchunas highlight the significant gap in trading volumes, which may have implications for the future reception of a U.S. spot SOL ETF. This article delves into the details of the Solana ETF futures’ lackluster performance, analyzes the market dynamics, and explores the future of SOL-based investment products.

彭博ETF分析師Eric Balchunas的最新觀察突出了交易量的顯著差距，這可能會影響未來的美國現場Sol ETF。本文深入研究了Solana ETF期貨績效不足的詳細信息，分析了市場動態，並探討了基於SOL的投資產品的未來。

Solana ETF Futures: A Disappointing Debut:

Solana ETF期貨：令人失望的處女作：

The Solana ETF futures products, launched by Volatility Shares on March 20th, have yet to ignite significant trading activity.

3月20日波動率股票推出的Solana ETF期貨產品尚未點燃大量交易活動。

An initial trading volume of $1 million in the early days is considered decent for a standard ETF but pales in comparison to the astronomical figures seen by BTC-based ETFs.

對於標準ETF而言，初期的初始交易量被認為是不錯的，但是與基於BTC的ETF所看到的天文數字相比，它顯得蒼白。

To put this into perspective, Balchunas noted, “The new Solana futures ETF hasn’t done much, a million in volume first few days is decent for normal ETF but nothing vs BTC, about 80x less than $BITO’s first few days or $IBIT’s… The further you get away from btc the less asset there will be.”

Balchunas指出：“新的Solana Futures ETF並沒有做太多，對於正常ETF來說，最初幾天的數百萬是不錯的，但與BTC相比，沒有什麼比BITO的頭幾天少80倍或$ iBIT的少量……您越遠離BTC，就越少了。”

The attached Bloomberg chart showcases this disparity, highlighting a record low of $48,000 in trading volume on March 31st.

附帶的彭博圖表展示了這種差異，突出了3月31日的創紀錄的48,000美元交易量。

As the chart illustrates, the new Volatility Shares Solana ETF futures (ticker: SNP) started with a promising $1 million in trading volume on March 21st, the first day of trading. However, the volume quickly dwindled to $48,000 by March 31st.

如圖所示，新的波動率股票股份Solana ETF期貨（股票代碼：SNP）始於3月21日，即交易的第一天，有希望的100萬美元交易量。但是，到3月31日，該數量迅速減少到48,000美元。

The new futures ETF is tracking the performance of the M3 tranches of the Solana futures on the Chicago Mercantile Exchange (CME). For context, the U.S. Securities and Exchange Commission (SEC) recently greenlit several BTC ETFs from various providers, including iShares, Invesco, and State Street Global Advisors.

新的Futures ETF正在跟踪芝加哥商業交易所（CME）上Solana Futures的M3批次的性能。在上下文中，美國證券交易委員會（SEC）最近從包括Ishares，Invesco和State Street Global Advisors在內的各種提供商綠化了幾個BTC ETF。

The approval of these ETFs marks a significant milestone in the growing demand for crypto investment products.

這些ETF的批准標誌著對加密投資產品需求不斷增長的重要里程碑。

The Solana ETF futures are part of a broader initiative by Volatility Shares to expand its offerings in the digital asset space. Earlier this year, the firm launched several other cryptocurrency futures ETFs, including products based on Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Solana ETF期貨是波動性股票更廣泛的計劃的一部分，以擴大其在數字資產領域的產品。今年早些時候，該公司推出了其他幾個加密貨幣期貨ETF，包括基於以太坊（ETH），比特幣現金（BCH）和Litecoin（LTC）的產品。

These launches are a response to the burgeoning interest in cryptocurrency investing among retail and institutional traders.

這些發射是對零售和機構交易者中加密貨幣投資的新興興趣的回應。

As cryptocurrencies continue to gain mainstream adoption, we can expect to see a diverse range of new ETF products emerging in the coming months and years.

隨著加密貨幣繼續獲得主流採用，我們可以期望在未來幾個月和幾年內看到各種各樣的新ETF產品。

Market Dominance: Bitcoin’s Unchallenged Reign:

市場優勢：比特幣的無挑戰統治：

The disparity in ETF performance can be attributed, in part, to the significant market dominance of Bitcoin. Currently, BTC commands a staggering 61% of the cryptocurrency market.

ETF性能的差異可以部分歸因於比特幣的重要市場優勢。目前，BTC指揮著驚人的加密貨幣市場。

Ethereum (ETH) follows with 8%, while Solana ranks fifth with a 2.4% market share, recently being surpassed by Binance Coin (BNB).

以太坊（ETH）的次數為8％，而Solana的市場份額為2.4％，最近被Binance Coin（BNB）超過了。

This market dominance translates into investor preference, with BTC-based ETFs attracting the lion’s share of capital inflows. Since their launch last year, spot BTC ETFs have recorded a cumulative inflow of $36 billion.

這種市場優勢轉化為投資者的偏好，基於BTC的ETF吸引了大獅資本流入的份額。自去年推出以來，現貨BTC ETF的累計流入量為360億美元。

In comparison, U.S. spot ETH ETFs, launched in July, have seen a significantly lower cumulative inflow of $2.4 billion, approximately 15 times less than BTC ETFs.

相比之下，7月推出的美國現場ETF的累積流入率明顯低於24億美元，比BTC ETF少15倍。

Will Spot SOL ETFs Follow the Trend?:

SLOT SOL ETF會遵循趨勢嗎？ ：

If approved, will U.S. spot SOL ETFs follow the same trend of lackluster performance compared to their BTC counterparts? Recent observations suggest a strong possibility.

如果獲得批准，與BTC同行相比，美國發現Sol ETF是否遵循相同的表現趨勢？最近的觀察結果表明有很大的可能性。

On their debut day, SOL CME futures recorded $12 million in trading volumes, nearly 10 times less than BTC CME futures ($102 million) and significantly lower than ETH’s $31 million.

在他們的首次亮相日，Sol CME期貨的交易量為1200萬美元，比BTC CME期貨（1.02億美元）少10倍，並且明顯低於ETH的3,100萬美元。

This trend indicates that even in the institutional market, Bitcoin remains the preferred cryptocurrency for investment products.

這種趨勢表明，即使在機構市場，比特幣仍然是投資產品的首選加密貨幣。

Furthermore, during the Q1 drawdown, SOL sustained a steeper loss than BTC. From peak to trough, SOL declined by 60%, whereas BTC experienced a 50% downturn. This indicates that SOL exhibits higher volatility and experiences greater capital losses in a risk-off market.

此外，在Q1下降期間，SOL的損失比BTC更陡。從峰值到槽，SOL下降了60％，而BTC經歷了50％的衰退。這表明SOL在冒險市場中表現出更高的波動性，並經歷了更大的資本損失。

In a recent interview with Blockworks, Ben Armstrong, host of the popular YouTube channel "Armstrong World Inc.," expressed speculative caution regarding SOL during market-wide drawdowns.

在最近對Blockworks的採訪中，受歡迎的YouTube頻道“ Armstrong World Inc.”的主持人本·阿姆斯特朗（Ben Armstrong）對在整個市場範圍內的索爾（Sol）表示謹慎。

He stated, “I don’t think it’s going to be pretty if we get another leg down. I think BTC is going to hold up better than most, but I think anything else is going to get absolutely destroyed.”

他說：“我認為，如果我們再摔倒了。我認為BTC會比大多數人更好，但我認為其他任何事情都會被絕對被摧毀。”

This speculation on SOL’s performance during a broader crypto market downturn contributes to the broader narrative surrounding the lackluster demand for Solana ETF futures.

這種對SOL在更廣泛的加密市場下滑期間的表現的猜測有助於圍繞Solana ETF期貨需求平淡的更廣泛的敘述。

Implications for U.S. Spot SOL ETFs:

對我們的啟示sol sol etf：

The implications of these trends for

這些趨勢對