In the past month, the volume of Solana futures trading on CME has increased by 252%.

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As of July, the trading volume of Solana futures on the CME Group exchange amounted to $8.1 billion. This is 252% higher than in June, when the figure reached $2.3 billion, reports The Block.

Open interest (OI) for SOL contracts increased by 203% — from $132.3 million in June to $400.9 million in July.

CME launched futures on Solana in March of this year. The exchange introduced new instruments in two variants:

  • microcontracts — based on 25 SOL;
  • larger contracts — for 500 SOL.

What is the reason for the growth?

At the start, Solana futures attracted little attention: the trading volume amounted to $12.3 million by the end of March, according to K33 Research. However, activity surged sharply in July. This was driven by interest in potential ETFs based on the altcoin.

"One step closer to an ETF on Solana," noted VanEck's head of digital asset research Matthew Sigel when CME announced the launch of SOL futures.

On July 31, VanEck, Fidelity, Franklin Templeton, Grayscale, CoinShares, Canary, and Bitwise submitted updated S-1 filings to the Securities and Exchange Commission. The management companies did the same before the regulator approved the launch of exchange-traded funds based on Bitcoin and Ethereum, so their latest move has boosted investor optimism regarding the emergence of a Solana-ETF.

In July, trading also started for the shares of the REX-Osprey SOL + Staking ETF (SSK). It operates under the 1940 Act, unlike standard crypto ETFs, but directly invests in Solana, staking at least 50% of its assets.

"The listing of such an ETF increases activity in the futures market, as market makers use derivative instruments to hedge their positions," explained Peter Chan, head of the research department at Presto.

BTC and ETH futures continue to dominate

Despite the record figures, futures on Solana still significantly lag behind similar CME products for Bitcoin and Ethereum.

In July, the total volume of contracts based on digital gold increased by 23% to $275.3 billion. Meanwhile, the average open interest rose by 8.5% to $17.8 billion.

During the same period, the trading volume of Ethereum futures surged by 82% to $118.1 billion. The average open interest reached $5.2 billion, showing a growth of 75%.

Let us remind you that on June 4, trading in futures on the shares of the exchange-traded Bitcoin fund iShares Bitcoin Trust ETF from BlackRock started on the Moscow Exchange.

SOL-3.43%
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