Solana’s CME Futures Launches with $12.3 Million Daily Volume
Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, registering $12.3 million in daily volume and $7.8 million in open interest. This performance is significantly lower than initial figures for bitcoin (BTC) and ether (ETH) futures, which recorded $102.7 million and $31 million respectively on their first days.
Key points include:
- SOL's market capitalization was approximately $65 billion at launch, compared to BTC's $318 billion and ETH's $200 billion.
- SOL experienced a 10% decline from its weekend high, while BTC and ETH fell by 4.5% and 3.8%, respectively.
- The timing of the SOL futures launch coincided with a bearish market, lacking major catalysts for demand.
- K33 analysts suggest that institutional interest in altcoins may be limited.
Despite initial conditions, derivatives trader Josh Lim noted that the CME product allows institutions to better manage exposure to Solana. The first SOL futures block trade was executed by FalconX in collaboration with StoneX.
Lim emphasized that the CME launch could enhance hedge funds' access to altcoins.