Solana Underperforms Historical Bitcoin, Ethereum Volumes On First Day Of CME Futures Trading

by Murtuza Merchant Benzinga Staff Writer

Zinger Key Points

K33 analysts note Solana’s entry in a risk-off market, contrasting with $102.7M Bitcoin debut in 2017.
Lunde and Zimmerman say altcoin ETF impact may be weaker than Bitcoin’s 2024 spot ETF launch.
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Solana SOL/USD futures have started trading on the Chicago Mercantile Exchange CME this week, but early activity was underwhelming compared to major cryptocurrencies like Bitcoin and Ethereum.

According to a report by research firm K33, the first day of trading for Solana futures saw a total volume of $12.3 million, with open interest ending at $7.8 million.

This marked a stark contrast to Bitcoin BTC/USD futures, which drew $102.7 million in volume and $20.9 million in open interest during their December 2017 debut on CME.

Ethereum ETH/USD fared better too, recording $31 million in trading and $20 million in open interest when its futures launched in February 2021.

K33 analysts Vetle Lunde and David Zimmerman attributed the tepid performance to broader market conditions, noting that Solana's introduction came during a period of muted risk appetite and without the tailwinds of a strong bull market or a rally in alternative cryptocurrencies.

Also Read: Bitcoin Is ‘Past The Bull Cycle Peak,’ Top Analyst Warns

“Although Solana’s performance appears more reasonable when adjusted for its market capitalization, its absolute figures were far lower than previous futures launches,” the K33 report stated.

The analysts added that despite the subdued start, the listing does fit a pattern often associated with eventual spot ETF approvals.

However, they cautioned that Solana's lower trading activity suggests any future ETF tied to the token may have a more modest impact on prices compared to the rally sparked by Bitcoin's spot ETF approval in early 2024.

What’s Next: The report comes at a time when several altcoin ETFs, including those for Solana, are under review by U.S. regulators.

For now, the futures market signals that institutional demand for Solana has yet to match the enthusiasm seen for Bitcoin and Ethereum during their initial futures rollouts.

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