The demand for the CME Solana futures product may provide insight into potential investor interest in an ETF that tracks the altcoin.
The CME Solana (SOL) futures launched with relatively low trading activity, particularly when compared to Bitcoin (BTC) and Ethereum (ETH) futures products available on the Chicago Mercantile Exchange, as discussed by K33’s head of research and senior analysts.
Since its introduction on March 17, the CME SOL futures have seen a modest trading volume of $12.3 million, alongside an open interest of just $7.8 million. In contrast, CME Bitcoin futures achieved a remarkable $102.7 million in trading volume on their launch day back in December 2017.
On the initial day of trading, Ethereum futures also managed to secure $31 million in volume, with open interest reported at $20.9 million, surpassing the figures recorded by CME SOL futures on their first day.
Even though the analysts pointed out that the CME Solana futures were introduced during a turbulent market, they suggested that these trading figures could reflect a lack of institutional and investor interest in altcoins, particularly those outside of Ethereum.
The report speculated that if the U.S. Securities and Exchange Commission grants approval for spot Solana exchange-traded funds, these products might also face a tepid response from investors. As of March 18, at least six U.S. entities, such as VanEck, 21Shares, Bitwise, Canary Capital, Grayscale Investments, and Franklin Templeton, have submitted applications to the SEC to list shares of a spot SOL ETF.