随着期货ETF的推出，Solana（Sol）达到了关键时刻

索拉纳（Sol）通过波动性股票在美国启动了有史以来的第一个索拉纳期货交易所交易贸易资金（ETF），这是一个关键的时刻。

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）是最近成为标题的加密货币，这是有充分理由的。有史以来第一个索拉纳期货交易所交易贸易资金（ETF）刚刚由美国市场的重要发展股票推出。

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.

尽管几个资产经理已申请了现货Solana ETF，但没有证券交易委员会（SEC）批准。但是，周三开始交易的期货ETF的批准可以看作是一个积极的信号。

Futures ETFs: A New Chapter in Solana Investing

期货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.

波动性股票的两种新ETF持有纳斯达克股票，为投资者提供了一种追踪索拉纳期货运动的方式。这些ETF还已在存款信托和清算公司（DTCC）中注册，从而促进了无缝的交易和和解。

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.

第一个ETF（名为Ovilational）共享Solana ETF（SOLZ），遵循一篮子索拉纳期货合约，旨在提供对加密货币价格趋势的敞口。第二个ETF的波动性共享2X Solana ETF（SOLT），是杠杆ETF，旨在提供Solana价格变化的每日回报的两倍。

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.

两种ETF的费用比率较低，SOLZ为0.95％，SOLT为1.85％。此外，这些ETF从CFTC调节的交易所交易的期货合约中得出了其索拉纳价格跟踪，使它们与持有基础资产的现货ETF区分开来。

Initial Solana Futures Activity on CME

CME的初始Solana期货活动

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.

同时，在芝加哥商业交易所（CME）上进行索拉纳期货的交易已经开始，最初的几天显示，每天的名义量为1,230万美元，收盘价为780万美元。

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.

尽管与比特币和以太坊期货相比，该量较低，但分析师根据市值调整了他们的期望。从这个角度来看，这项活动在期货市场的开始阶段似乎很健康。

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.

期货ETF的推出也可能与SEC的现货Solana ETF的待定批准有关。富兰克林·邓普顿（Franklin Templeton），21Shares和vaneck等几位资产经理已申请了此类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.

根据彭博ETF分析师埃里克·巴尔库纳斯（Eric Balchunas）的说法，索拉纳期货ETF的存在可能是批准点ETF批准的积极迹象，因为这表明对Solana作为商品的监管识别，这对于SEC批准至关重要。

Volatility Shares Secures First-Mover Advantage

波动性分享获得第一步优势

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，波动性股票申请了Solana Futures ETF，显示出迅速策略是第一个提交的策略。正如首席执行官贾斯汀·杨（Justin Young）确认，这使他们成为第一个发射的人。

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.

波动性股票拥有30亿美元的资产，为市场带来了既定的业务和信誉。该公司还申请了“ -1x Solana ETF”，但该文件已被搁置。

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，更广泛的监管景观仍然不确定。关键因素是将加密货币作为商品或证券的分类，这一直是辩论的主题。

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的推出建议将Solana视为商品，尤其是因为CME受商品期货交易委员会（CFTC）的监管。但是，SEC对此事的看法还有待观察。

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，公众对SEC的申请和潜在执法行动的评论可能会影响现货和期货ETF的批准过程。