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Solana CME futures volume jumped to $8.1B in July
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Open interest surged 203% to $400M
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Growth coincides with ETF approval momentum for Solana
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CME BTC and ETH futures still dominate in volume
Record Activity for Solana Derivatives
Solana CME futures saw explosive growth in July. Monthly trading volume hit $8.1 billion, a 252% increase from June. Open interest also climbed 203%, averaging $400.9 million for the month. These are record highs since CME launched SOL futures in March.
The CME offers two SOL futures contracts: a micro version (25 SOL) and a standard one (500 SOL). Initially, interest was low, but institutional adoption has picked up in recent months.
ETF Optimism Driving Institutional Interest
The volume spike coincides with several firms filing for spot Solana ETFs in the U.S., including VanEck, Fidelity, and Grayscale. One ETF, the REX-Osprey SOL + Staking ETF, is already live and includes direct SOL staking.
Analysts suggest that ETF market makers are driving the futures growth to hedge exposure. As the path to ETF approval advances, SOL’s derivatives market is expected to become more active.
Solana’s Place in a Dominant CME Landscape
Despite the gains, Solana’s futures volume still trails CME’s Bitcoin and Ethereum products. In July, CME Bitcoin futures traded $275B, and Ethereum futures hit $118B.
However, on a market-cap-adjusted basis, SOL is gaining ground. With a $90.5B market cap, Solana is becoming more comparable to Ethereum and BTC in its investor appeal.
