CME’s Solana futures ETF struggles with low interest and declining volume
The launch of the Solana futures ETF on CME was highly anticipated but failed to sustain investor enthusiasm.
Data from CME showed that volume started relatively strong on launch day, with 225 contracts traded, but declined quickly over the following days to just 73 contracts, with a slight recovery by March 25.
Open interest started at 150 on March 17 and grew steadily to 294 by March 25, showing some holding interest despite the volatile volume.
The table revealed a total volume of 239 contracts, with 55 block trades and an open interest of 294 contracts, predominantly in April 2025 contracts. This shows that just under half of traders are positioned for a month-long exposure.
This volume level is notably low for ETF futures, especially for a product tied to a high-profile coin like Solana. Comparatively, Bitcoin ETF futures saw volumes in the thousands of contracts within the first week after their launch in November 2017.
Solana futures, by contrast, are underperforming relative to expectations for a new crypto ETF futures product, particularly one following the success of Bitcoin and Ethereum.
While the launch was highlighted as a milestone for crypto derivatives in the US, its debut was unremarkable, especially when compared to the surge in other altcoins during the same period.
Several factors could explain the tepid response. Despite the hype surrounding a futures ETF, a spot Solana ETF is still anticipated. This could be what’s pushing investors to hold off until a more direct investment vehicle is available.
Spot ETFs typically attract more retail and institutional interest due to their straightforward exposure to the underlying asset.
