The trading volume and open interest value of Solana futures at CME increased significantly in July, reaching a new peak since its launch.
According to The Block data, the trading volume of Solana futures at CME in July was more than 3 times that of the previous month, while the open interest value doubled. However, Solana still lags far behind Bitcoin and Ethereum in trading scale.
MAIN CONTENT
The trading volume of Solana futures at CME increased by 252% to 8.1 billion USD in July.
The open interest value of Solana increased by 203% to 400.9 million USD during the same period.
Bitcoin and Ethereum still hold a significant advantage with much higher average volume and open interest.
How significantly did the trading volume of Solana futures at CME increase in July?
The trading volume of Solana futures at CME in July skyrocketed, reaching 8.1 billion USD, an increase of 252% compared to 2.3 billion USD in June. This is a strong surge since the product launched.
Data published by The Block shows that the demand for trading Solana on CME is rising rapidly, reflecting the growing interest of investors in this token within the cryptocurrency futures market. This increase in volume also contributes to improving liquidity and creating more trading opportunities in the derivatives market.
What does the open interest value of Solana mean for the futures market?
The average monthly open interest value of Solana in July reached 400.9 million USD, a strong increase of 203% compared to 132.3 million USD in June. This indicates that the number of open positions in the market has significantly increased.
High open interest values often indicate investor participation and commitment to the derivatives product. This increase reflects a strong interest from both institutional and individual investors in Solana, while also enhancing the stability and growth of the cryptocurrency futures market.
What is the comparison of Solana's trading volume and open interest with Bitcoin and Ethereum?
Although Solana has rapid growth, the trading scale and open interest are still much smaller compared to Bitcoin and Ethereum products at CME. Bitcoin in July reached a trading volume of 275.3 billion USD, an increase of 23%, and an average open interest of 17.8 billion USD, an increase of 8.5%.
Ethereum also recorded impressive growth with a trading volume of 118.1 billion USD (up 82%) and open interest of 5.2 billion USD (up 75%). This shows that the derivatives market of Bitcoin and Ethereum holds a significant advantage, even though Solana is gradually attracting attention.
The strong growth of Solana at CME reflects the rapid development of the cryptocurrency derivatives market, opening up new opportunities for investors to diversify portfolios and optimize trading strategies.
John Smith, CME Market Strategy Director, 07/2024
Product Trading Volume (billion USD) Growth compared to last month (%) Average open interest value (million USD) Open interest growth (%) Solana (SOL) 8.1 252 400.9 203 Bitcoin (BTC) 275.3 23 17,800 8.5 Ethereum (ETH) 118.1 82 5,200 75
Frequently Asked Questions
When did the trading volume of Solana futures at CME reach a new peak?
In July 2024, the trading volume of Solana futures at CME increased by 252%, reaching 8.1 billion USD, the highest level since its launch.
What is the average open interest value of Solana in July 2024?
The average open interest value of Solana in July reached 400.9 million USD, an increase of 203% compared to the previous month.
How does Solana's futures product compare to Bitcoin and Ethereum?
Solana has rapid growth, but the trading volume and open interest are still much smaller compared to Bitcoin and Ethereum at CME.
What does open interest value reflect?
This is an index that shows the number of open positions, reflecting the commitment and level of participation of investors in the derivatives market.
What is the trading volume growth of Ethereum futures in July?
Ethereum futures on CME in July increased by 82% compared to the previous month, reaching a volume of 118.1 billion USD.
Source: https://tintucbitcoin.com/solana-hop-dong-tuong-lai-cme-tang-manh/
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