Solana Futures Launch Quietly on CME, Lacking Bitcoin and Ethereum Hype: K33
Solana (SOL) futures trading on the Chicago Mercantile Exchange (CME) on its first day of launch on Monday generated a total of $12.3 million in value, with open interest ending the day at $7.8 million. That’s significantly less than what was recorded when Bitcoin and Ethereum launched their futures, according to K33 Research.
Relatively Small Volume
K33’s Head of Research, Vetle Lunde, wrote on X that the launch of SOL futures, when compared to market capitalization at the time, was in line with Bitcoin and Ethereum during similar periods. He noted that when normalizing trading volume by market capitalization, the launch of SOL futures was in line with BTC and ETH.
Comparison to Bitcoin and Ethereum
Bitcoin futures, which launched on CME in December 2017, recorded a total value of $103 million, with an open interest of $20.9 million, right at the peak of the bull market. Meanwhile, Ethereum futures, which launched in early 2022, when the crypto market was booming, reached $31 million in daily notional value and $20 million in open interest.
Solana Launch Background
Unlike Bitcoin and Ethereum, Solana futures launched in a bear market. The price of SOL was under significant pressure due to the general market downturn and the collapse of meme coin-related projects on the Solana blockchain. This led to a sharp increase in price in late 2024 and early 2025, but it is still far from reaching its all-time high.
Crypto Community Reacts
The Solana futures launch comes as its underlying asset is falling in price. Additionally, Solana’s controversial ad with the slogan “America is Back — Time to Accelerate” has also sparked backlash from the crypto community on the X platform, with many criticizing it. The ad was quickly removed after garnering millions of views in just a few hours.
Future Expectations
SOL was recently trading around $125, down 2.5% on the day and down more than 8% from its weekend high. Vetle Lunde remains bullish on the launch of SOL futures, although he acknowledges that current market conditions are far from the peak of Bitcoin and Ethereum futures.
“CME BTC futures launched at the peak of the 2017 bull market,” Lunde wrote. “While CME ETH futures launched in the early stages of a volatile 2022, the launch of SOL futures, without the same hype, is still a significant step forward.”