Solana（Sol）ETF期货产品难以吸引投资者，比特币（BTC）占据了市场

加密货币市场对交易所交易基金（ETF）的兴趣似乎是高度选择性的，比特币（BTC）占据了投资者利益的份额。

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.

加密货币市场对交易所交易基金（ETF）的兴趣似乎是高度选择性的，比特币（BTC）占据了投资者利益的份额。随着Solana（Sol）ETF期货产品难以复制其BTC对应物的成功，这种差异变得越来越明显。

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分析师Eric Balchunas的最新观察突出了交易量的显着差距，这可能会影响未来的美国现场Sol ETF。本文深入研究了Solana ETF期货绩效不足的详细信息，分析了市场动态，并探讨了基于SOL的投资产品的未来。

Solana ETF Futures: A Disappointing Debut:

Solana ETF期货：令人失望的处女作：

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

3月20日波动率股票推出的Solana ETF期货产品尚未点燃大量交易活动。

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.

对于标准ETF而言，初期的初始交易量被认为是不错的，但是与基于BTC的ETF所看到的天文数字相比，它显得苍白。

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并没有做太多，对于正常ETF来说，最初几天的数百万是不错的，但与BTC相比，没有什么比BITO的头几天少80倍或$ iBIT的少量……您越远离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.

附带的彭博图表展示了这种差异，突出了3月31日的创纪录的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.

如图所示，新的波动率股票股份Solana ETF期货（股票代码：SNP）始于3月21日，即交易的第一天，有希望的100万美元交易量。但是，到3月31日，该数量迅速减少到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正在跟踪芝加哥商业交易所（CME）上Solana Futures的M3批次的性能。在上下文中，美国证券交易委员会（SEC）最近从包括Ishares，Invesco和State Street Global Advisors在内的各种提供商绿化了几个BTC ETF。

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

这些ETF的批准标志着对加密投资产品需求不断增长的重要里程碑。

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期货是波动性股票更广泛的计划的一部分，以扩大其在数字资产领域的产品。今年早些时候，该公司推出了其他几个加密货币期货ETF，包括基于以太坊（ETH），比特币现金（BCH）和Litecoin（LTC）的产品。

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

这些发射是对零售和机构交易者中加密货币投资的新兴兴趣的回应。

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.

随着加密货币继续获得主流采用，我们可以期望在未来几个月和几年内看到各种各样的新ETF产品。

Market Dominance: Bitcoin’s Unchallenged Reign:

市场优势：比特币的无挑战统治：

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性能的差异可以部分归因于比特币的重要市场优势。目前，BTC指挥着惊人的加密货币市场。

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）的次数为8％，而Solana的市场份额为2.4％，最近被Binance Coin（BNB）超过了。

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.

这种市场优势转化为投资者的偏好，基于BTC的ETF吸引了大狮资本流入的份额。自去年推出以来，现货BTC ETF的累计流入量为360亿美元。

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月推出的美国现场ETF的累积流入率明显低于24亿美元，比BTC ETF少15倍。

Will Spot SOL ETFs Follow the Trend?:

SLOT SOL ETF会遵循趋势吗？：

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.

如果获得批准，与BTC同行相比，美国发现Sol ETF是否遵循相同的表现趋势？最近的观察结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.

在他们的首次亮相日，Sol CME期货的交易量为1200万美元，比BTC CME期货（1.02亿美元）少10倍，并且明显低于ETH的3,100万美元。

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

这种趋势表明，即使在机构市场，比特币仍然是投资产品的首选加密货币。

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下降期间，SOL的损失比BTC更陡。从峰值到槽，SOL下降了60％，而BTC经历了50％的衰退。这表明SOL在冒险市场中表现出更高的波动性，并经历了更大的资本损失。

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.

在最近对Blockworks的采访中，受欢迎的YouTube频道“ Armstrong World Inc.”的主持人本·阿姆斯特朗（Ben Armstrong）对在整个市场范围内的索尔（Sol）表示谨慎。

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.”

他说：“我认为，如果我们再摔倒了。我认为BTC会比大多数人更好，但我认为其他任何事情都会被绝对被摧毁。”

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.

这种对SOL在更广泛的加密市场下滑期间的表现的猜测有助于围绕Solana ETF期货需求平淡的更广泛的叙述。

Implications for U.S. Spot SOL ETFs:

对我们的启示sol sol etf：

The implications of these trends for

这些趋势对