If Solana (SOL) ETFs are approved, how will SOL be affected? Analysts made an unexpected statement

According to a report published by K33 Research, yesterday, following the launch of (CME) Solana (SOL) futures on the Chicago Mercantile Exchange, it saw minimal trading activity and raised questions about institutional demand for altcoins.

K33 Research Director Vetle Lunde and Senior Analyst David Zimmerman noted that Solana futures recorded only a transaction volume of 12.3 million dollars and open positions remained at 7.8 million dollars on the first day. This sluggish start creates a sharp contrast with the previous CME futures launches for Bitcoin and Ethereum, which had significantly higher interest in these two products.

Bitcoin futures were launched on CME in December 2017 with a transaction volume of 102.7 million dollars and an open position of 20.9 million dollars on the first day. Ethereum futures, launched in February 2021, recorded a volume of 31 million dollars and an open position of 20 million dollars on the first day.

Lunde and Zimmerman pointed out that the market environment during the launch of Solana's futures is much more risk-averse compared to previous futures launches. Unlike the 2017 crypto bull market peak or the altcoin season at the beginning of 2021, the current market lacks strong catalysts to increase speculative interest in new derivatives.

While the determination of market value aligns Solana's futures launch relatively with historical trends, the absolute numbers remain significantly smaller. This subdued reaction raises concerns about the potential impact of a Solana spot exchange-traded fund ETF in the US if approved this year. Analysts at K33 believe that unlike the milestone US spot Bitcoin ETF launch in January 2024, an altcoin ETF, including Solana, will likely have a more limited impact on price movement.