CME Solana futures hit a cold first day of trading, ETF approval may be difficult to replicate Bitcoin boom

BlockBeats news, on March 18th, according to TheBlock, Chicago Mercantile Exchange (CME) Solana futures were quietly launched on March 17th, with a first day trading volume of only $12.3 million and open contracts of $7.8 million, far below the previous glorious performance of Bitcoin and Ethereum futures. K33 Research analysts Vetle Lunde and David Zimmerman pointed out in their latest report that this data reflects institutions' indifferent attitude towards altcoins, and even if Solana ETF is approved in the future, its boost effect on SOL prices may be weaker than market expectations. Bitcoin futures were launched at the peak of the bull market in December 2017, with a first day trading volume of $102.7 million and open contracts of $20.9 million. Ethereum futures were launched in the early stages of the altcoin craze in February 2021, with a first day trading volume of $31 million and open contracts of $20 million. Solana futures went online yesterday amid market risk aversion and a lack of significant catalysts. If we look at trading volume in proportion to market value, the relative performance of Solana futures is similar to that of Bitcoin and Ethereum before, but the significant difference in absolute values reveals a lack of institutional interest. The latest report from K33 emphasizes that in the current environment, funds are more inclined towards core assets such as Bitcoin rather than more volatile altcoins. The launch of CME futures is often seen as a prelude to the approval of spot ETFs, but analysts believe that even if Solana ETF lands, it will be difficult to replicate the frenzy effect of the 2024 Bitcoin ETF. Bitcoin ETFs were born during a resonance period between halving expectations and macro easing, and the current market lacks similar narrative drivers. Except for Bitcoin and Ethereum, the institutional derivatives markets for other counterfeit tokens have shown weak growth, reflecting that under macroeconomic uncertainty, institutions are more inclined to allocate "digital gold" rather than high-risk assets. The positioning of Bitcoin as a 'commodity' brings a clear compliance path, while altcoins are still in a gray area. Despite short-term setbacks, the developer activity and technological innovation of Solana ecosystem still rank among the top in many public chains, and it is expected to achieve brilliant performance after the approval of spot ETFs. However, for now, the path of "institutionalization" of altcoins is still full of difficulties.