- Solana futures launched on CME, reaching $5 million in opening-day trading volume, signaling rising interest from institutional investors.
- Two Solana futures contract sizes standard and micro provide diverse options for traders and reflect a growing demand for regulated crypto products.
- Industry leaders expect Solana ETF approvals soon as the U.S. regulatory landscape becomes more favorable toward digital asset investment vehicles.
Solana (SOL) futures officially started trading on the CME Group’s U.S. derivatives exchange on March 17, signaling growing institutional interest. The launch of these contracts marks a notable advancement for Solana, as it moves closer to receiving approval for a spot exchange-traded fund.
The launch of contracts for SOL taught about two sizes by CME with one type holding 500 SOL and another type having 25 SOL.Both contracts are cash-settled and not physically delivered. These are the first regulated Solana futures contracts offered in the United States.
Initial trading data from the CME platform shows nearly 40,000 SOL traded on the debut day, equal to around $5 million based on current prices. The trading pattern suggested a slight bearish sentiment, with April contracts priced $2 below March contracts. CME will release final trading volumes the following business day.
Market Experts Call It a Significant Milestone for Solana
Chris Chung, founder of Solana-based platform Titan, emphasized the importance of this milestone. He noted that regulated futures signal Solana’s maturity as a digital asset and will help in building trust among investors. Matthew Sigel, VanEck’s head of digital assets research, also acknowledged the move as a meaningful step toward ETF approval.
CME Group executive Giovanni Vicioso explained that client demand drove the decision to launch Solana futures. He said that with Solana gaining wider adoption, the availability of regulated contracts provides useful tools for hedging and investment strategies.
According to Chung, the existence of a regulated market improves the chances for Solana ETF approvals. He mentioned that the regulatory climate has shifted positively in 2024. He also expects several altcoin ETFs to follow, potentially including Solana and XRP.
VanEck and Canary Capital Await SEC Decision
A spot Solana ETF proposed by VanEck and Canary Capital is under review. Chung indicated that approval could come as early as May. Meanwhile, analysts estimate a 70% chance of approval before the year ends, adding to the momentum.
CME already offers futures for Bitcoin and Ether, both of which secured spot ETF approvals in 2024. This track record adds weight to Solana’s case.
