$SOL

Solana's CME futures volume skyrocketed 252% to $8.1 billion in July, a record high since its launch in March. This surge is attributed to growing anticipation of a potential Solana spot ETF approval in the US. Several asset managers, including Franklin Templeton, Bitwise, Fidelity, Canary Capital, CoinShares, Grayscale, and VanEck, have filed amended S-1 registration statements with the SEC, hinting at positive progress toward launching spot Bitcoin and Ethereum ETFs.

*Key Factors Driving the Surge:*

- *Growing Institutional Confidence*: The sharp increase in trading volume and open interest reveals that institutional traders are becoming more confident in Solana.

- *ETF Momentum*: The launch of the REX-Osprey SOL + Staking ETF in early July may have contributed to the recent surge, as ETF market makers need to hedge their positions.

- *Solana's Maturing Market*: The rise in open interest suggests that Solana is maturing as a tradable asset, following a similar trajectory to Ethereum.

*Comparison to Other Cryptocurrencies:*

- *Bitcoin Futures*: CME Bitcoin futures aggregated trading volume rose 23% to $275.3 billion in July, with average open interest up 8.5% from June at $17.8 billion.

- *Ethereum Futures*: CME Ethereum futures aggregated trading volume rose 82% to $118.1 billion for the month, with average open interest gaining 75% to $5.2 billion .

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