On March 18, according to TheBlock, the Chicago Mercantile Exchange (CME) Solana futures were launched on March 17 in a low-key manner, with a volume of only $12.3 million on the first day and $7.8 million for the non-closing position contract, which was far less than the brilliant performance of BTC and ETH futures. K33 Research analysts Vetle Lunde and David Zimmerman pointed out in the latest report that this data reflects the cold attitude of institutions towards AltCoin, and even if the Solana ETF is approved in the future, its boosting effect on the price of SOL may be weaker than market expectations. BTC futures went live at the peak of the bull market in December 2017, with a first-day volume of $102.7 million and an unclosed position contract of $20.9 million. ETH Square futures were launched in February 2021 at the beginning of the AltCoin craze, with a first-day volume of $31 million and an unclosed position contract of $20 million. Solana futures went online yesterday amid a lack of major catalysts due to risk-off sentiment in the market. If we look at the volume in terms of market cap ratio, the relative performance of Solana futures is close to that of BTC and ETH, but the disparity in absolute values reveals a lack of institutional interest. K33's latest report highlights that funds in the current environment are more likely to favor core assets such as BTC over the more volatile AltCoin. The launch of CME futures is often seen as a prelude to the approval of spot ETFs, but analysts believe that even if the Solana ETF lands, it will be difficult to replicate the frenzy effect of BTC ETFs in 2024. Except for BTC and ETH, the institutional Derivatives market for other altcoinTokens has been weak, reflecting the macroeconomic uncertainty that institutions are more inclined to allocate "digital gold" rather than high-risk assets. BTC's "commodity" positioning brings a clear path to compliance, while AltCoin remains in a grey area. Despite the short-term setbacks, the developer activity and technological innovation of the Solana ecosystem are still at the forefront of many public chains, and we look forward to a brilliant performance after the approval of the Spot ETF, but the road to "institutionalization" of AltCoin is still difficult.
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CME Solana futures trading cold on the first day, ETF approval may not replicate the Bitcoin craze
On March 18, according to TheBlock, the Chicago Mercantile Exchange (CME) Solana futures were launched on March 17 in a low-key manner, with a volume of only $12.3 million on the first day and $7.8 million for the non-closing position contract, which was far less than the brilliant performance of BTC and ETH futures. K33 Research analysts Vetle Lunde and David Zimmerman pointed out in the latest report that this data reflects the cold attitude of institutions towards AltCoin, and even if the Solana ETF is approved in the future, its boosting effect on the price of SOL may be weaker than market expectations. BTC futures went live at the peak of the bull market in December 2017, with a first-day volume of $102.7 million and an unclosed position contract of $20.9 million. ETH Square futures were launched in February 2021 at the beginning of the AltCoin craze, with a first-day volume of $31 million and an unclosed position contract of $20 million. Solana futures went online yesterday amid a lack of major catalysts due to risk-off sentiment in the market. If we look at the volume in terms of market cap ratio, the relative performance of Solana futures is close to that of BTC and ETH, but the disparity in absolute values reveals a lack of institutional interest. K33's latest report highlights that funds in the current environment are more likely to favor core assets such as BTC over the more volatile AltCoin. The launch of CME futures is often seen as a prelude to the approval of spot ETFs, but analysts believe that even if the Solana ETF lands, it will be difficult to replicate the frenzy effect of BTC ETFs in 2024. Except for BTC and ETH, the institutional Derivatives market for other altcoinTokens has been weak, reflecting the macroeconomic uncertainty that institutions are more inclined to allocate "digital gold" rather than high-risk assets. BTC's "commodity" positioning brings a clear path to compliance, while AltCoin remains in a grey area. Despite the short-term setbacks, the developer activity and technological innovation of the Solana ecosystem are still at the forefront of many public chains, and we look forward to a brilliant performance after the approval of the Spot ETF, but the road to "institutionalization" of AltCoin is still difficult.