The Disappointing Launch of Solana Futures ETF on CME
The launch of the Solana futures ETF on CME was highly anticipated but failed to sustain investor enthusiasm.
Volume and Open Interest Data
- Volume started strong on launch day with 225 contracts traded.
- Volume declined quickly over the following days to just 73 contracts.
- Open interest grew steadily from 150 on March 17 to 294 by March 25.
Key Figures
The table revealed a total volume of 239 contracts, with 55 block trades and an open interest of 294 contracts, predominantly in April 2025 contracts.
Underperformance Compared to Bitcoin ETF Futures
This volume level is notably low for ETF futures, especially for a product tied to a high-profile coin like Solana. Comparatively, Bitcoin ETF futures saw volumes in the thousands of contracts within the first week after their launch in November 2017.
Solana futures are underperforming relative to expectations for a new crypto ETF futures product, particularly one following the success of Bitcoin and Ethereum.
Possible Explanations for Tepid Response
Several factors could explain the tepid response. Despite the hype surrounding a futures ETF, a spot Solana ETF is still anticipated. This could be what’s pushing investors to hold off until a more direct investment vehicle is available.
Spot ETFs typically attract more retail and institutional interest due to their straightforward exposure to the underlying asset.
