$CFX 📈 In July 2025, the trading volume of Solana (SOL) futures on the Chicago Mercantile Exchange (CME) reached **$8.1 billion**, soaring **252%** month-on-month, setting a record high since its launch in March. During the same period, the average open interest increased to **$400.9 million**, a growth of 203%.

💼 **Growth Driver Analysis**:

1. **Increased Institutional Confidence**: The approval of Solana spot ETFs (such as Rex-Osprey) has driven institutional positioning, particularly in the $140-$157 price range;

2. **Ecosystem Expansion**: USDC stablecoin injection (increased by 11% in a single month to $12.2 billion) and an increase in DEX trading volume (daily average exceeding $900 million) have strengthened on-chain application scenarios;

3. **Shift in Derivatives Demand**: Compared to the $1 billion outflow from Solana ETFs during the same period, CME futures are more favored by institutions due to leverage flexibility and regulatory clarity.

🔍 **Horizontal Comparison**: Despite significant growth (SOL futures growth rate exceeds BTC's 23% and ETH's 82%), the scale of SOL futures is still far below BTC ($275.3 billion) and ETH ($118.1 billion), reflecting that its ecosystem is in the early expansion stage.