In the grand theater of finance, where the players are as unpredictable as a cat on a hot tin roof, a curious incident has unfolded. A page, hastily leaked from the hallowed halls of the Chicago Mercantile Exchange, hinted at the potential introduction of futures contracts for Solana (SOL) and Ripple (XRP). Alas, it was but a fleeting glimpse into a world of speculation, as a spokesperson hastened to clarify that this was merely an early mock-up, a draft that had escaped the confines of its intended obscurity.
Ah, the Chicago Mercantile Exchange, that venerable institution of derivatives trading, may have been preparing to unveil these contracts as early as February 10. Yet, like a magician revealing his tricks, the page was swiftly whisked away, leaving behind only whispers of what might have been.
In a delightful twist, Fox Business journalist Eleanor Terrett reported that the spokesperson, with a tone reminiscent of a schoolmaster correcting a wayward pupil, described the beta website as a mere draft environment, a playground for ideas that had mistakenly wandered into the public eye. “No official decisions have yet been made about launching futures contracts for either token,” the spokesperson reiterated, as if to quell the rising tide of excitement.
A @CMEGroup spokesperson tells @FoxBusiness that the beta version of the website, which is often used for mock up drafts, was made public in error. No official decisions have yet been made about launching futures contracts for either token.
— Eleanor Terrett (@EleanorTerrett) January 23, 2025
James Seyffart, a sage of the Bloomberg ETF realm, weighed in on this delightful debacle, stating, “Honestly, it makes sense and is largely to be expected if true.” Ah, the wisdom of the analyst, who sees the world through a lens of cautious optimism, as if peering through a foggy window on a dreary day.
Assuming “beta.cmegroup” is actually a beta/test version of the actual CMEGroup website — looks like CME is expecting to launch SOL & XRP futures on Feb 10. But this isn’t available on the actual website yet.
Honestly makes sense and largely to be expected if true IMO
— James Seyffart (@JSeyff) January 22, 2025
According to the tantalizing details of the leak, the futures contracts for both Solana and XRP would come in standard and micro sizes, as if they were a menu at a fine dining establishment. Solana’s standard contracts would boast a 500 SOL lot size, while the micro contracts would be a more modest 25 SOL. XRP, not to be outdone, would offer standard contracts of 50,000 XRP per lot, with micro contracts at a dainty 2,500 XRP. One can only imagine the dinner parties where such figures are discussed!
All contracts, it seems, are expected to settle in U.S. dollars, a nod to the institutional players who prefer their dealings devoid of the complexities of direct crypto settlements. How very civilized!
In the backdrop of this unfolding drama, the political landscape has shifted, with the reelection of Donald Trump and the resignation of former SEC Chair Gary Gensler igniting a spark of renewed optimism among investors. Firms are racing to bring products like Solana and XRP ETFs to market, as if they were children clamoring for attention.
ProShares, in a flurry of activity, submitted a Solana futures ETF application on January 17, while WisdomTree filed for an XRP ETF in the previous December. Other eager contenders, including Bitwise, 21Shares, and Canary Capital, are also vying for a place at this bustling table.
Seyffart, ever the astute observer, noted that the availability of Solana futures on CME could address lingering questions about the liquidity of the current Solana futures market, which is dominated by Coinbase. “I’m not sure if the Coinbase SOL futures are large and liquid enough,” he mused, as if pondering the mysteries of the universe.
NEW: ProShares just filed for a Solana Futures ETF. VolatilityShares also filed for one of these back in December. Interesting because there aren’t CME futures yet and I’m not sure if the Coinbase SOL futures are large and liquid enough?
— James Seyffart (@JSeyff) January 17, 2025
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2025-01-23 07:04