In a surprising move, FalconX – a leading digital asset broker – has just completed the first block trade for Solana (SOL) futures on CME Group. This is an important step in paving the way for the potential launch of a Solana ETF, something many experts predict could happen this year.



What’s special about trading?


#FalconX executed its first block trade with StoneX – trading partner – just one day before the Solana futures on CME officially launched on March 17.



  • Block trade is a large transaction agreed upon privately between two parties, occurring outside the open market to avoid impacting the asset price.


  • FalconX aims to help investors manage risks and access SOL pricing on a regulated trading platform.


  • The launch of Solana futures by CME Group is also seen as an important stepping stone towards a future Solana ETF.




Is a Solana ETF about to be launched?


Currently, several large asset management funds have applied to the U.S. Securities and Exchange Commission (SEC) for approval of #etfsolana , including:



  • Franklin Templeton (managing over $1.5 trillion in assets)


  • Grayscale, 21Shares, Bitwise, VanEck, Canary Capital



CME Group also stated that they launched Solana futures contracts to meet the growing demand from investors, while this is an important prerequisite for the SEC to consider approving a spot SOL ETF – similar to how Bitcoin and Ethereum went through previously.



Information about Solana futures on CME



  • Two types of contracts:


    • Standard contract: 500 $SOL


    • Micro contract: 25 SOL




  • Cash settlement, based on CME CF Solana-Dollar Reference Rate – a benchmark price index for #CMEGroup , updated daily at 4 PM London time.



FalconX plays a crucial role in CME's crypto derivatives ecosystem, having executed over $1.5 trillion in trading volume across 400 tokens for 600 organizations. Recently, the company expanded its operations, including the acquisition of the derivatives platform Arbelos Markets in January 2025 and collaboration with TP ICAP Fusion Digital Assets.



The crypto futures market on CME Group is booming


CME Group reports that:



  • The average daily trading volume reached 202,000 contracts at the beginning of 2025, up 73% compared to the same period last year.


  • Open interest reached 243,600 contracts, an increase of 55% compared to last year.


  • More than 11,300 accounts have traded crypto products on CME.



This indicates that the crypto futures market is becoming increasingly institutionalized, with strong participation from institutional investors.



How is the Solana market responding?


Data from Coinglass shows that the trading volume of SOL futures on centralized exchanges has increased by 66%, reaching $7.24 billion, with a long/short ratio above 2, indicating investor optimism.


However, Solana is currently down 6.4% to $127, continuing to feel pressure after reaching an all-time high of nearly $293.31 in January. In the last 24 hours, the Solana market has recorded $12.29 million in liquidations.



Conclusion: Is a Solana ETF feasible?


The execution of the first Solana futures block trade by FalconX on CME is an important sign that the market is preparing for a Solana ETF. However, for the SEC to approve the SOL ETF, the market still needs more time to demonstrate liquidity, popularity of futures contracts, and risk management capabilities.


⚠ Risk warning: Investing in cryptocurrencies and derivatives carries a high level of risk. Please research carefully and consider carefully before making investment decisions.