CME Group's launch of derivatives on Solana confirms strong institutional interest

The Chicago Mercantile Exchange (CME) has started trading derivatives on Solana (SOL). This indicates a growing institutional interest in the cryptocurrency. On the first day of trading (March 17), the trading volume of SOL totaled $12.3 million. This is below the figures shown by the debut of BTC ($102.7 million) and ETH ($31 million) contracts.

Open interest in SOL contracts reached $7.8 million. This is also less than the results of BTC and ETH trading instruments at launch. However, considering Solana's market capitalization, these figures are comparable to previous CME products, the experts note.

The total open interest in the SOL derivatives market is $3.84 billion, with Binance taking the lead with 27% of positions. CME's analysts suggest it could build up its market share, as it did with bitcoin contracts.

The launch of the trading instrument on Solana strengthens institutional recognition of the cryptocurrency and may contribute to the approval process for ETFs, potentially attracting new investors. The information was provided by The Tradable.