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Market News SOL futures launch saw a mediocre response, with limited interest from institutional investors

SOL futures launch saw a mediocre response, with limited interest from institutional investors

The performance of SOL futures after its launch was not as good as expected and the market reaction was lukewarm.

2025-03-20

7113

Solana

Recently, CME officially launched Solana (SOL) futures. The market originally expected that this would pave the way for the approval of the Solana spot ETF. However, cryptocurrency research agency K33 pointed out that Solana futures performed poorly on its first day of listing, with a trading volume of only US$12.3 million and open interest worth US$7.8 million, indicating that institutional investors had limited interest in this new product.

Comparing historical data, when Bitcoin futures were launched on CME in December 2017, the first-day trading volume reached US$102 million, and the open interest was worth US$20.9 million; Ethereum futures were launched in February 2021, with a first-day trading volume of US$31 million and an open interest of US$20 million.

In comparison, the market response on the first day of Solana futures listing was noticeably cold. K33 research director Vetle Lunde and senior analyst David Zimmerman bluntly stated that this reflects that institutional funds still lack interest in competing coins.

Analysts pointed out that Bitcoin futures were launched at the peak of the 2017 bull market, while Ethereum futures caught up with the competitive coin craze in early 2021.

However, the market environment is now very different. Solana futures lack both bullish catalysts and major positive support, resulting in inactive market trading.

K33 analysts believe that in terms of market capitalization, Solana futures’ performance on the first day was reasonable, but in terms of absolute trading volume, it was still far less popular than when Bitcoin and Ethereum futures were listed. The indifferent attitude of institutional funds may reflect the overall sentiment of the current market.

Currently, there are several competing currency ETFs applying for listing in the United States, including the Solana spot ETF. However, K33 analysts pointed out that even if the Solana ETF is approved, the boost to the currency price may be limited, and it will be difficult to reproduce the surge in the Bitcoin spot ETF when it was launched in January 2024.