The launch of Solana (SOL) futures on the Chicago Mercantile Exchange sparked discussion in the industry due to low trading volume on the first day.
Solana Futures Launch on CME
The first day of Solana futures trading on the CME ended with a volume of $12.3 million and an open interest of $7.8 million. Researchers from K33 Research pointed to a lack of institutional interest in these derivatives.
Comparison with Bitcoin and Ethereum
The launch of Bitcoin futures in December 2017 had a trading volume of $102.7 million and an open interest of $20.9 million. Ethereum's initial figures in February 2021 were $31 million in volume and $20 million in open interest.
Outlook and Analysis
Analysts at K33 note that the cautious market sentiment affected the launch of Solana futures, contrasting with the 2017 crypto boom and the altcoin season of 2021. This raises doubts about the potential impact of a Solana spot exchange-traded fund if approved in the US.
The launch of Solana futures on the CME was less remarkable than similar past events. Market conditions and investor interest remain cautious, which may influence future initiatives.
