隨著期貨ETF的推出，Solana（Sol）達到了關鍵時刻

索拉納（Sol）通過波動性股票在美國啟動了有史以來的第一個索拉納期貨交易所交易貿易資金（ETF），這是一個關鍵的時刻。

Solana (SOL) is a cryptocurrency that has been making headlines recently, and for good reason. The first-ever Solana futures exchange-traded funds (ETFs) have just been launched by Volatility Shares, a significant development in the U.S. market.

Solana（Sol）是最近成為標題的加密貨幣，這是有充分理由的。有史以來第一個索拉納期貨交易所交易貿易資金（ETF）剛剛由美國市場的重要發展股票推出。

While several asset managers have applied for spot Solana ETFs, none have yet been approved by the Securities and Exchange Commission (SEC). However, the approval of futures ETFs, which began trading on Wednesday, could be seen as a positive sign.

儘管幾個資產經理已申請了現貨Solana ETF，但沒有證券交易委員會（SEC）批准。但是，週三開始交易的期貨ETF的批准可以看作是一個積極的信號。

Futures ETFs: A New Chapter in Solana Investing

期貨ETF：Solana Investing的新篇章

Two new ETFs from Volatility Shares have hit Nasdaq, offering investors a way to track the movements of Solana futures. These ETFs are also registered with the Depository Trust & Clearing Corporation (DTCC), facilitating seamless trading and settlement.

波動性股票的兩種新ETF持有納斯達克股票，為投資者提供了一種追踪索拉納期貨運動的方式。這些ETF還已在存款信託和清算公司（DTCC）中註冊，從而促進了無縫的交易和和解。

The first ETF, named Volatility Shares Solana ETF (SOLZ), follows a basket of Solana futures contracts, aiming to provide exposure to the cryptocurrency’s price trends. The second ETF, Volatility Shares 2X Solana ETF (SOLT), is a leveraged ETF, designed to deliver twice the daily return of Solana’s price changes.

第一個ETF（名為Ovilational）共享Solana ETF（SOLZ），遵循一籃子索拉納期貨合約，旨在提供對加密貨幣價格趨勢的敞口。第二個ETF的波動性共享2X Solana ETF（SOLT），是槓桿ETF，旨在提供Solana價格變化的每日回報的兩倍。

Both ETFs have low expense ratios, with SOLZ at 0.95% and SOLT at 1.85%. Moreover, these ETFs derive their Solana price tracking from futures contracts traded on CFTC-regulated exchanges, setting them apart from spot ETFs that hold the underlying asset.

兩種ETF的費用比率較低，SOLZ為0.95％，SOLT為1.85％。此外，這些ETF從CFTC調節的交易所交易的期貨合約中得出了其索拉納價格跟踪，使它們與持有基礎資產的現貨ETF區分開來。

Initial Solana Futures Activity on CME

CME的初始Solana期貨活動

Meanwhile, trading of Solana futures on the Chicago Mercantile Exchange (CME) has begun, with the initial days showing a notional daily volume of $12.3 million and a close with $7.8 million in open interest.

同時，在芝加哥商業交易所（CME）上進行索拉納期貨的交易已經開始，最初的幾天顯示，每天的名義量為1,230萬美元，收盤價為780萬美元。

Although this volume is lower compared to Bitcoin and Ethereum futures at their launch, analysts adjust their expectations based on market capitalization. In that perspective, the activity seems healthy for the beginning stages of the futures market.

儘管與比特幣和以太坊期貨相比，該量較低，但分析師根據市值調整了他們的期望。從這個角度來看，這項活動在期貨市場的開始階段似乎很健康。

The launch of futures ETFs might also be linked to the pending approval of spot Solana ETFs by the SEC. Several asset managers, like Franklin Templeton, 21Shares, and VanEck, have filed for such ETFs.

期貨ETF的推出也可能與SEC的現貨Solana ETF的待定批准有關。富蘭克林·鄧普頓（Franklin Templeton），21Shares和vaneck等幾位資產經理已申請了此類ETF。

According to Bloomberg ETF analyst Eric Balchunas, the existence of Solana futures ETFs could be a positive sign for spot ETF approval, as it indicates regulatory recognition of Solana as a commodity, which is crucial for SEC approval.

根據彭博ETF分析師埃里克·巴爾庫納斯（Eric Balchunas）的說法，索拉納期貨ETF的存在可能是批准點ETF批准的積極跡象，因為這表明對Solana作為商品的監管識別，這對於SEC批准至關重要。

Volatility Shares Secures First-Mover Advantage

波動性分享獲得第一步優勢

In December, Volatility Shares applied for the Solana futures ETFs, displaying a swift strategy to be the first to file. This allowed them to be the first to launch, as confirmed by CEO Justin Young.

12月，波動性股票申請了Solana Futures ETF，顯示出迅速策略是第一個提交的策略。正如首席執行官賈斯汀·楊（Justin Young）確認，這使他們成為第一個發射的人。

With $3 billion in assets under management, Volatility Shares brings an established presence and credibility to the market. The firm had also filed for a “-1x Solana ETF,” but that filing has been put on hold.

波動性股票擁有30億美元的資產，為市場帶來了既定的業務和信譽。該公司還申請了“ -1x Solana ETF”，但該文件已被擱置。

The broader regulatory landscape remains uncertain, with the SEC yet to approve any spot Solana ETFs. A key factor is the classification of cryptocurrencies as commodities or securities, which has been a subject of debate.

SEC尚未批准任何位置Solana ETF，更廣泛的監管景觀仍然不確定。關鍵因素是將加密貨幣作為商品或證券的分類，這一直是辯論的主題。

The launch of futures ETFs suggests recognition of Solana as a commodity, especially since the CME is regulated by the Commodity Futures Trading Commission (CFTC). However, the SEC's perspective on this matter remains to be seen.

Futures ETF的推出建議將Solana視為商品，尤其是因為CME受商品期貨交易委員會（CFTC）的監管。但是，SEC對此事的看法還有待觀察。

Moreover, public comments on the applications and potential enforcement actions by the SEC could influence the approval process for spot and futures ETFs.

此外，公眾對SEC的申請和潛在執法行動的評論可能會影響現貨和期貨ETF的批准過程。