Solana Futures: A Dismal Debut or Just a Slow Start? You Decide! 😏

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Well, well, well! It seems the good folks at the Chicago Mercantile Exchange, or CME for short, decided to roll out the red carpet for Solana futures this past Monday. But lo and behold, the grand entrance was more akin to a tumbleweed rolling through a ghost town, with a trading volume that barely scraped the bottom of the barrel at a measly $12.3. Yes, you read that right—twelve dollars and three cents! 💸

Now, if we were to compare this paltry sum to the roaring success of Bitcoin (BTC) and Solana (SOL) futures on their debut days—$102.7 million and $31 million, respectively—one might think the Solana futures were more of a damp squib than a firecracker. Talk about a party pooper! 🎉

On the first day of trading, Solana futures managed to muster up a grand total of $7.8 million in open interest (OI). That’s not even half of what Bitcoin and Ethereum futures raked in during their own grand openings, which boasted over $20 million in OI. It’s like showing up to a feast and finding only crumbs on the table! 🍞

But hold your horses! Vetle Lunde from K33 Research has a different take on this lackluster launch. He claims that when you adjust for market cap differences, Solana’s debut isn’t as shabby as it seems. “Launch day volumes were well below those of the BTC and ETH launches,” he says, “but if you normalize volumes to market caps at the launch days, the launch aligns closer to the two.” Well, isn’t that a silver lining in a cloud of disappointment? ☁️

According to the wise sages at CoinGlass, Solana futures OI has now climbed to a whopping $3.84 billion, with a 1.79% increase over the last 24 hours. It seems like Solana is trying to shake off the dust and strut its stuff after all! 💪

Binance is hogging the limelight with the largest share of OI at 27%, while Bitget and Gate.io are trailing behind at 23% and 17.42%, respectively. It’s like a race where the tortoises are winning, and the hares are nowhere to be found! 🐢

Now, let’s not forget that CME had a rather wobbly start in the Bitcoin derivatives market too, but look at them now! They’ve become a heavyweight champion, accounting for a quarter of Bitcoin futures OI, leaving Binance and other crypto-native giants in the dust. Talk about a comeback! 🥊

So, even though CME’s Solana futures may have stumbled out of the gate, this launch is still a pivotal moment for the sixth-largest cryptocurrency. It’s a crucial step toward the eventual approval of Solana ETFs. Who knows? Maybe this underdog will rise to the occasion yet! 🐶

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2025-03-18 19:22