- Ah, the illustrious Solana Futures, a mere $12.1 million in volume on its debut day, a paltry sum compared to Bitcoin‘s grandiose $102.7 million and Ethereum‘s respectable $31 million. What a spectacle! 🎭
- Regulated Futures, the harbingers of ETF approvals, whisper sweet nothings to us; Bloomberg Intelligence predicts a 70% chance of SOL‘s ETF approval by late 2025. Fingers crossed! 🤞
On the fateful day of March 17, 2025, the launch of Solana [SOL] Futures on the Chicago Mercantile Exchange (CME) was heralded as a monumental leap into the realm of institutional adoption. Yet, alas, the trading activity on that day was akin to a damp squib when compared to the roaring debuts of Bitcoin [BTC] and Ethereum [ETH].
According to the sacred scrolls of CME data, Solana Futures managed a mere $12.1 million in trading volume, with a modest $7.8 million in Open Interest. A far cry from Bitcoin’s explosive entry in December 2017, which boasted a staggering $102.7 million in first-day volume and $20.9 million in Open Interest. Oh, the humanity!
$12 million vs. $102 million
Ethereum Futures, that charming debutante, graced the stage in February 2021 with $31 million in trading volume and $20 million in Open Interest. While Solana’s launch may seem like a timid mouse, market cap adjustments reveal it is not as far from Ethereum’s debut as one might think.
These lower volumes reflect a current climate of risk aversion and a broader market cooldown, which likely explains why Solana’s Futures debut lacked the explosive fervor of its predecessors. A tragedy, indeed!
A bullish sign? Solana’s on-chain activity surges
Beyond the realm of Futures trading volume, the on-chain activity offers a glimpse into Solana’s current standing in the market. Data reveals that Solana’s Daily Active Addresses (DAA) surged to a staggering 5.4 million on March 18, marking its highest point in recent months. Bravo! 🎉
However, this spike follows a disheartening decline in February 2025, when DAA plummeted to 4.4 million, despite SOL reaching its zenith at $231.65 on February 1. Oh, the irony!
The dissonance between price action and on-chain activity suggests that speculative trading, rather than organic growth, may have fueled the earlier price rally. A curious case, indeed!
Solana’s Futures market has displayed a delightful mix of sentiment across exchanges. For instance, Binance recorded a staggering $851.6 million in Open Interest and a jaw-dropping $1.81 billion in daily trading volume. What a rollercoaster ride! 🎢
Some exchanges are all about long positions, while others revel in the thrill of short activity. Historically, the launch of regulated futures contracts has paved the way for spot ETF approvals. Will history repeat itself?
Will
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2025-03-20 03:06