Solana (SOL) futures traded for the first time on the Chicago Mercantile Exchange (CME) Group’s US derivatives exchange on March 17 as the cryptocurrency’s mainstream adoption gains momentum.
CME announced plans for a new influx of funding in February. list two types of SOL futures contractsStandard Contracts representing 500 SOL and retailer-friendly “micro” Each contract represents 25 SOL.
The first Solana futures regulated to be traded on the US Market after Coinbase’s launched in February. Cash is used to settle the contracts, and no physical SOLs.
SOL futures, with a nominal value of nearly 40,000 SOL (or nearly $5 million based on current prices), were exchanged at the stock exchange for the first time. according Preliminary data CME website
The early pricing data suggests that traders may be expressing a bearish attitude towards SOL. CME doesn’t publish the final data for daily volumes of trading until the following business day.
The CME’s April futures contracts traded at a price of $127 per SOL — $2 per token less than contracts expiring in March, CME data shows.
FalconX StoneX, two trading firms from the United States, completed their first SOL futures contract on CME March 16. said.
“Solana has come a long way in the last five years,” Chris Chung of Titan, a Solana based trading platform, spoke to Cointelegraph March 17th.
“Solana futures are going live on the CME today, and SOL [exchange-traded funds] will surely follow shortly behind,” Chung said.
CME began listing SOL Futures on 17 March. Source: CME
Related: Solana CME futures tip impending US ETF approvals — Exec
ETF approval odds
This March 13th, Chung told Cointelegraph He believes that US Securities and Exchange Commission’s (SEC) approval of VanEck and Canary Capital Asset Managers spot Solana proposed ETFs will be as early as the end of May.
The US Securities and Exchange Commission has received at least five ETFs that list Solana ETFs. The US Securities and Exchange Commission has until 2025 to reach a final ruling on these filings.
Bloomberg Intelligence estimates the probability that SOL ETFs will be approved by approximately 70%.
Futures contracts consist of standard agreements that allow you to purchase or sell an asset at a later date.
Retail and institutional investors use them for speculation and hedging. Futures play an important supporting role in spot cryptocurrency ETFs. This is because futures markets are regulated and provide a standard benchmark to measure the performance of a digital asset.
CME lists Bitcoin futures already BTC Ether ETH. US regulators have approved ETFs last year for these two cryptocurrencies.
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Source: cointelegraph.com
