Despite the disappointing initial numbers, the launch of CME's Solana futures is viewed as a significant milestone that could pave the way for future Solana ETFs.

The report suggests that while Solana's futures listing aligns with patterns seen before spot ETF approvals, the lower trading activity indicates that any future ETF linked to Solana may not have as strong an impact on prices as Bitcoin's spot ETF approval did in early 2024.

Analysts from K33 attributed Solana's lackluster performance to a general lack of risk appetite in the market and a limited institutional demand for altcoins, particularly in the current risk-averse environment.

As of March 18, 2025, at least six U.S. issuers have filed with the SEC to list shares of a spot Solana ETF, reflecting ongoing interest in cryptocurrency investment.

Currently, Binance holds the largest share of open interest in Solana futures at 27%, followed by Bitget at 23% and Gate.io at 17.42%.

Current open interest for Solana futures stands at $3.84 billion, with a 1.79% increase recorded in the last 24 hours according to CoinGlass data.

At the time of the article's publication, Solana (SOL) was trading around $125, down 2.5% and more than 8% off its weekend high, and less than half its all-time high reached in late January 2025.

Lim expressed that the launch of CME products could transform hedge fund access to altcoins, potentially paving the way for futures-based ETFs for Solana.

On March 17, 2025, Solana futures (SOL) launched on the Chicago Mercantile Exchange (CME) with a trading volume of $12.1 million on its first day, which was notably lower than the initial volumes of Bitcoin and Ethereum.

When adjusted for market capitalization, Solana's performance appears reasonable, with a market cap of approximately $65 billion, compared to Ethereum's $200 billion and Bitcoin's $318 billion.

Josh Lim, a derivatives trader, emphasized that CME futures provide new opportunities for institutions to manage Solana exposure, regardless of the initial demand.

Despite this initial trading volume, the inclusion of SOL in the CME could enhance its liquidity and price discovery over time, potentially attracting more institutional investment as market conditions improve.