“In July, Futures Bidding on Solana on the CME Group reached $ 8.1 billion – 252% more than in June ($ 2.3 billion), according to The Block. Open interest (VI) on SOL contracts also increased – from $ 132.3 million in June to $ 400.9 million in July (+203%). CME launched Futures on Solana in March. They […]”, – WRITE: Businessua.com.ua
In July, Futures Bidding on Solana on the CME Group reached $ 8.1 billion – 252% more than in June ($ 2.3 billion), according to The Block.
Open interest (VI) for SOL contracts also increased from $ 132.3 million in June to $ 400.9 million in July (+203%).
CME launched Futures on Solana in March. They are presented in two formats:
- microcontracts for 25 SOL;
- Full -sized contracts for 500 SOL.
What affected growth? After launching futures on Solana, they had limited activity – in March, the volume of trading amounted to only $ 12.3 million, according to K33 Research. However, in July, the situation changed dramatically – the interest was warmed up around the possible ETF -based ETF.
“Another step towards ETF to Solana,” said Futures Announs Head of Vaneck Digital Asset Research Department Matthew Sigel.
July 31 Vaneck, Fidelity, Franklin Templeton, GrayScales, Coinshares, Canary and Bitwise submitted updated S-1 form applications to SEC. Similar actions of the investment company were also committed before the approval of bitcoin and Ethereum-ETF, which enhanced optimism on the emergence of Solana-ETF.
In July, the ASPRE SOL + STAKING ETF (SSK), which works under the law of 1940, also began in July. The Fund is investing in Solana and stakes at least 50% of assets.
“Listing of such ETF increases activity in the futures market, as market -makers use derivatives to hedge,” – explained Presto Chan’s research head.
Futures on BTC and ETH remain dominant Despite the sharp growth, Futures on Solana are significantly inferior to the volume of bidding products based on bitcoin and Ethereum products.
In July, the total volume of the BTC futures increased by 23% to $ 275.3 billion. The average open interest added 8.5% and reached $ 17.8 billion.
During the same period, the volume of futures trading on Ethereum jumped by 82% – to $ 118.1 billion. The average VI reached $ 5.2 billion (+75%).
Recall that in July the limit of computing units (Cu) on the Solana block was increased by 20% – to 60 million.
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