CME Solana futures launched to little fanfare on Monday, well below Bitcoin and Ethereum futures debuts at the venue, according to K33.
The launch of CME futures products has been seen as a key stepping stone toward eventual Securities and Exchange Commission spot exchange-traded fund approvals in the U.S. However, the Solana futures secured just $12.3 million in trading volume on day one, with open interest closing at $7.8 million, questioning the institutional appetite for altcoins, K33 Head of Research Vetle Lunde and Senior Analyst David Zimmerman noted in a Tuesday report.
In contrast, Bitcoin futures debuted on the CME in December 2017, registering $102.7 million in volume on launch day and $20.9 million in open interest. Ethereum futures generated $31 million on their first day of CME trading in February 2021, with $20 million in OI.
CME Crypto Futures – Daily Trading Volume and OI Close on Launch Day. Image: K33.
Compared to the bull market climax of December 2017 and the early stage alt season of February 2021, the analysts acknowledged that the introduction of Solana futures came during a comparatively risk-off environment, with no major catalyst moving markets on its launch day. They also noted that adjusting for market cap, the Solana futures debut aligns more closely with prior launches on a relative basis.
CME Crypto Futures – Launch Day Volume and OI normalized to SOL market cap. Image: K33.
However, in absolute terms, the debut was far smaller, and with several altcoin exchange-traded funds seeking approval in the U.S. this year, including Solana, the impact of such a product on underlying asset prices is likely to be softer than observed with the U.S. spot Bitcoin ETF launch in January 2024, Lunde and Zimmerman said.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
