Futures de Solana (SOL) landed at the Chicago Mercantile Exchange (CME) this week. This is a regulatory space that historically was the Ethereum cryptocurrency of Bitcoin (BTC) and Ether (ETH).
but, Far from replicating last year’s euphoria, the launch left a bittersweet taste between analysts and operators.
What happened to the expected institutional brightness? Here we will explain the details of this event. Importantly, he was unable to illuminate the market alarms..
Premier without fanfare
Monday marked a milestone for Solana. Cryptocurrency arrival at CME Represents CME intrusions in digital assets beyond BTC and ETH.
However, the reception was warm. Analyst Noel Acheson explains that clearly.
Numbers support that recognition. According to a graph shared by K33 research firm Vetle Lunde, Volume and open interest in Sol futures remained relatively lowcompared to BTC and ETH futures, the day of its launch.
The Bitcoin boom is far away
To understand the magnitude of this difference, we need to return to December 2017, when Bitcoin futures debuted on CME.
The day marked not only milestones but also peaked bullish cycles. after that, BTC fell 84% over the next 12 months. Before its launch, Bitcoin was surfing a wave of enthusiasm driven by the avalanche of institutional demand.
“The mood on the market isn’t that close to what’s effervescent today,” Acheson says. And he is right: The current context lacks speculative enthusiasm that catapulted BTC seven years ago.
However, everything is not negative for Solana. Market capitalization, volume and data for open interest sol surpasses Ether’s percentage with its own debut in CME. This suggests that, although cautious, the launch was not an absolute failure.
Two Solana Landing Lessons
Despite the lack of fireworks, Acheson draws two important conclusions. beginning, Solana is no longer just a promise, but has established itself as an institutional cryptocurrency..
Sol Futures is already negotiated in the Coinbase Derivatives Bag, but CME has a reputation among large institutions, which has boosted the game. The operational volume is modest, but shows the true interest of heavy actors.
Second, the market appears to be in the early stages of the cycle. The arrival of SOL to the CME is a related step, However, it did not generate any previous expectations that large ads would normally accompany them..
“He felt another milestone among many,” Acheson wrote, emphasizing his lack of enthusiasm for saturated news and movements.
In addition to this, two ETFs that Sun Futures began quoting in the American stock market this week. One issued by volatility stock follows the underlying price of the futures, while the other provides exposure with 2:1 leverage, as reported by encryption.
Cash ETF on the horizon
Sun’s futures are made in the market, but the focus is also on cash in ETFS. Companies like Vaneck, Canary Capital, 21shares, Wisdomtree, Grayscale and more recently Franklin Templeton compete to launch funds that invest directly in Solana.
However, the Securities and Bags (SEC) Committee has suspended these proposals. The decision will be postponed until Paul Atkins is assumed to be president of the SECthe process that can be extended until April or May due to delays in its confirmation.
The lack of clear leadership in the SEC adds to the pile of pending issues and goes against a quick resolution. Still, Acheson sees a promising future: future debut at CME Enhances the chances of ETFs in the Sun reaching their main US bags by the end of the year.
(tagstotranslate) Cryptocurrency
