Solana Futures ETF Volume Drops 67% Post-Launch

The launch of the Solana futures ETF on the CME was met with high expectations but ultimately failed to maintain investor interest. On the launch day, the volume was relatively strong with 225 contracts traded. However, this number quickly declined to just 73 contracts over the following days, with a slight recovery by March 25. Open interest, which started at 150 on March 17, grew steadily to 294 by March 25, indicating some holding interest despite the volatile volume. The total volume of contracts traded was 239, 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.

The volume level for the Solana futures ETF is notably low for ETF futures, especially for a product tied to a high-profile coin like Solana. The underperformance of Solana futures relative to expectations for a new crypto ETF futures product is particularly striking, given the success of Bitcoin and Ethereum. Several factors could explain the tepid response to the Solana futures ETF. 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. 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.