Ah, mesdames et messieurs! Gather ’round as we unveil the grand spectacle of the CME Solana futures, a performance that has left the audience yawning and scratching their heads! 🎭
In a most lackluster display, the CME Solana (SOL) futures made their entrance with all the fanfare of a damp squib, trailing far behind the illustrious Bitcoin (BTC) and Ethereum (ETH) futures at the Chicago Mercantile Exchange. Our esteemed K33 head of research, the ever-astute Vetle Lunde, along with his witty companion, senior analyst David Zimmerman, have penned this delightful critique.
Launched on the fateful day of March 17, the CME SOL futures managed to scrape together a mere $12.3 million in trading volume, while the open interest was a paltry $7.8 million. Compare this to the grand debut of CME Bitcoin futures, which dazzled the crowd with a staggering $102.7 million on its launch day back in December 2017! Talk about a dramatic entrance! 🎉
And let us not forget the Ethereum futures, which waltzed in with a charming $31 million in volume on their first day, leaving our dear Solana futures looking like a wallflower at the ball. The open interest for Ethereum was a respectable $20.9 million, far surpassing the timid figures of our Solana friend. Oh, the irony! 😂
Despite the gloomy market conditions, Lunde and Zimmerman have speculated that these dismal trading numbers may reflect a distinct lack of enthusiasm from institutional investors for altcoins, particularly those that are not named Ethereum. A tragedy, indeed! 😱
Furthermore, the report whimsically suggests that should the U.S. Securities and Exchange Commission grant approval for spot Solana exchange-traded funds, they too may receive a reception as quiet as a mouse at a cat convention. As of March 18, a motley crew of six U.S. issuers, including the likes of VanEck, 21Shares, Bitwise, Canary Capital, Grayscale Investments, and Franklin Templeton, have filed their petitions with the SEC to list shares of a spot SOL ETF. Will they find a more enthusiastic audience? Only time will tell! ⏳
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2025-03-18 21:14