$12 Million in Trading Volume on First Day
Solana (SOL) futures made their debut on the Chicago Mercantile Exchange (CME) on Monday, generating $12.3 million in daily trading volume and closing with $7.8 million in open interest. Despite being a major milestone for institutional adoption of Solana, the numbers fell significantly short of the early success seen by Bitcoin and Ethereum futures.
How Solana’s Launch Compares to BTC and ETH
When Bitcoin futures launched on CME in December 2017, the market was at a peak, with trading volumes reaching nearly $103 million and $20.9 million in open interest on the first day. Similarly, Ethereum futures, which debuted in early 2022, recorded $31 million in notional daily volume and $20 million in open interest.
However, Vetle Lunde, Head of Research at K33, noted that when adjusted for market capitalization, Solana’s futures launch was proportionally similar to Bitcoin and Ethereum’s early futures trading activity.
Solana’s Futures Launch Comes Amid Market Weakness
The subdued trading debut reflects current market conditions, with Solana struggling after a sharp decline from its January highs. The collapse of several high-profile meme coin projects on Solana has further dampened investor enthusiasm.
SOL is currently trading at $125, down 2.5% on the day and more than 8% off its weekend high, according to CoinGecko. While institutional futures trading could eventually strengthen Solana’s market position, its lackluster debut suggests that investors remain cautious amid ongoing volatility.
