Solana（Sol）Futures在芝加哥商業交易所（CME）上發射不足比特幣（BTC）和以太坊（ETH）首次交易量

Solana（Sol）期貨在芝加哥商業交易所（CME）上的發射有很大的期待，這標誌著一個重要的里程碑

The launch of Solana (SOL) futures on the Chicago Mercantile Exchange (CME) was met with moderate interest, though initial trading volume was light, K33 analysts noted.

K33分析師指出，儘管最初的交易量很小，但在芝加哥商務交易所（CME）上的索拉納（SOL）期貨的推出。

After adjusting for market capitalization, Solana’s futures had a muted start compared to Bitcoin (BTC) and Ethereum (ETH) when their futures products were introduced on CME.

在調整了市值後，與比特幣（BTC）和以太坊（ETH）相比，Solana的期貨在CME上引入了期貨產品時的起點。

“The relative lackluster performance of Solana futures at CME is noteworthy, particularly in the context of a ‘risk-off’ market,” said Murtuza Merchant, an analyst with Benzinga, in a report that pulls together insights from K33 analysts.

Benzinga分析師Murtuza Merchant說：“ CME的Solana Futures在CME的相對缺乏乏味的表現是值得注意的，尤其是在“冒險”市場的背景下。”

“With macroeconomic headwinds and geopolitical tensions pushing investors towards less risky assets, the initial trading volume in Solana futures was notably lower than anticipated.”

“隨著宏觀經濟的逆風和地緣政治緊張局勢將投資者推向風險較小的資產，索拉納期貨的初始交易量大大低於預期。”

A 'Risk-Off' Market Impacts Initial Solana Futures Volume

“冒險”市場影響最初的索拉納期貨量

As macroeconomic uncertainty and geopolitical tensions escalate, investors are naturally drawn towards less risky assets. In this “risk-off” market environment, we observe a reduced interest in riskier assets, such as altcoins, and a preference for assets known for stability, such as Bitcoin and traditional safe-haven assets.

隨著宏觀經濟的不確定性和地緣政治緊張局勢的升級，投資者自然會吸引風險較小的資產。在這個“冒險”的市場環境中，我們觀察到對風險較高的資產的興趣降低，例如山寨幣，並且偏愛以穩定性而聞名的資產，例如比特幣和傳統的安全資產。

“This shift in investor behavior has had a direct impact on the initial trading volume of Solana futures at CME,” said K33 analysts.

K33分析師說：“投資者行為的這種轉變對CME的Solana Futures的初始交易量有直接影響。”

Despite this, the analysts believe that Solana futures will gradually gain traction among institutional investors as market conditions evolve and macroeconomic uncertainty lessens.

儘管如此，分析師認為，隨著市場狀況的發展和宏觀經濟不確定性的減少，索拉納期貨將逐漸獲得機構投資者的關注。

“However, the presence of Solana futures on CME is a significant milestone, signaling the platform’s integration into the institutional financial landscape.”

“但是，CME索拉納期貨的存在是一個重要的里程碑，這表明該平台融入了機構金融景觀中。”

Bitcoin futures, introduced in 2017, had an initial trading volume of $102.7 million, a stark contrast to Solana’s $12.1 million. This difference is attributed to the buoyant market conditions at the time, as reported by K33 analysts.

比特幣期貨於2017年推出，最初的交易量為1.027億美元，與Solana的1,210萬美元形成鮮明對比。據K33分析師報導，這種差異歸因於當時的浮力市場狀況。

2017 saw a period of heightened bullish sentiment in the cryptocurrency market, which was quickly dampened by the onset of a bear market after a major correction.

2017年在加密貨幣市場上看到了一段時期的看漲情緒，在重大糾正後，熊市的發作很快就受到了抑制。

The implication of this historical event is that despite the muted start, Solana’s futures launch on CME could be a pivotal moment for the platform, paving the way for sustained institutional interest and broader adoption of the Solana ecosystem.

這一歷史事件的含義是，儘管開始了雜亂無章的開端，但索拉納（Solana）在CME上的未來推出可能是該平台的關鍵時刻，為持續的機構利益鋪平了道路，並更廣泛地採用了Solana生態系統。

Chart: TradingView

圖表：TradingView

Altcoin ETFs May Not Have As Strong Of An Impact As Bitcoin’s Spot ETF

AltCoin ETF可能沒有比特幣的斑點ETF的強大影響

The analysis by Lunde and Zimmerman, as reported by Merchant, suggests that the footprint of altcoin ETFs may be weaker than that of the 2024 launch of a spot Bitcoin ETF.

據商人報導，倫德和齊默爾曼的分析表明，altcoin ETF的足跡可能比2024年推出的比特幣ETF弱。

This assertion is based on the observation that the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) drove significant capital into the cryptocurrency market.

這一主張是基於這樣的觀察結果，即美國證券交易委員會（SEC）（SEC）批准了現貨比特幣ETF，將大量資本帶入了加密貨幣市場。

However, despite the anticipation surrounding altcoin ETFs, Lunde and Zimmerman believe that their impact may be less pronounced due to several factors.

然而，儘管圍繞Altcoin ETF有期待，但倫德和齊默爾曼認為，由於幾個因素，它們的影響可能不太明顯。

Institutions may have less interest in altcoins compared to Bitcoin, and regulatory approval for altcoin ETFs could still pose a challenge.

與比特幣相比，機構對替代幣的興趣可能較低，而對Altcoin ETF的監管批准仍然可能構成挑戰。

Moreover, the inherent volatility of altcoins could deter institutional investors from engaging with them to the same extent as Bitcoin.

此外，AltCoins的固有波動性可能阻止機構投資者與比特幣相同的程度。

Solana futures listing on CME. Source: CME Group

CME上的Solana期貨上市。資料來源：CME組

Breaking Down Solana’s Performance

分解Solana的表演

While the raw trading volume of $12.1 million is a point of concern, it’s essential to consider other factors that may have influenced Solana’s performance.

儘管原始交易量為1,210萬美元是一個關注點，但要考慮可能影響Solana績效的其他因素至關重要。

Market Capitalization:

市值：

Solana’s market capitalization is significantly lower than Bitcoin’s, which could explain the lower trading volume. Comparing normalized volumes, which adjust for market capitalization, provides a more accurate assessment of institutional interest.

Solana的市值明顯低於比特幣，這可以解釋較低的交易量。比較針對市值調整的歸一化量，可以對機構利益進行更準確的評估。

Ecosystem Development:

生態系統開發：

Solana’s ecosystem is still developing, and its institutional adoption is not as mature as Bitcoin’s. This could explain the lower trading volume compared to Bitcoin’s debut.

Solana的生態系統仍在發展，其機構採用不如比特幣的成熟。與比特幣的首次亮相相比，這可以解釋較低的交易量。

Regulatory Uncertainty:

監管不確定性：

Regulatory uncertainty surrounding altcoins could be hindering institutional participation in Solana’s futures market.

圍繞AltCoins的監管不確定性可能會阻礙機構參與Solana的期貨市場。

The Long-Term Implications: Institutional Adoption and Market Maturity

長期影響：機構採用和市場成熟

Despite the muted debut, Solana’s CME futures launch represents a significant step towards institutional adoption. The presence of Solana on the CME increases its visibility and accessibility to institutional investors.

儘管首次亮相，但Solana的CME期貨推出還是邁向機構採用的重要一步。 Solana在CME上的存在增加了其對機構投資者的知名度和可及性。

Increased institutional participation can enhance Solana’s liquidity and price discovery, contributing to a more mature and stable market. The long-term impact of this increased liquidity could be substantial, potentially driving further adoption and growth of the Solana ecosystem.

增加的機構參與可以增強索拉納的流動性和價格發現，從而有助於更加成熟和穩定的市場。這種增加的流動性的長期影響可能是實質性的，有可能推動Solana生態系統的進一步採用和增長。

The Role of Market Sentiment: A Key Factor in the Long Run

市場情緒的作用：從長遠來看的關鍵因素

Market sentiment plays a crucial role in shaping the price action of cryptocurrencies. The current market environment, characterized by uncertainty and volatility, may be contributing to the relatively subdued trading volume of Solana CME futures.

市場情緒在塑造加密貨幣的價格行動中起著至關重要的作用。目前的市場環境以不確定性和波動性為特徵，可能導致Solana CME期貨的相對柔和的交易量。

As market conditions improve and investor confidence returns, institutional interest in Solana could increase, leading to higher trading volumes and price appreciation.

隨著市場條件的改善和投資者的信心回報，機構的興趣可能會增加，從而導致更高的交易量和價格升值。

The Impact of Protocol Developments: Driving Long-Term Growth and Adoption

協議發展的影響：推動長期增長和採用

The long-term success of Solana will depend on its ability to continue innovating and developing its protocol. Continued improvements in scalability, security, and functionality will be

Solana的長期成功將取決於其繼續創新和製定協議的能力。可伸縮性，安全性和功能的持續提高將是