Solana (SOL) futures traded for the first time on the Chicago Mercantile Exchange (CME) Group’s US derivatives exchange on March 17 as the cryptocurrency’s mainstream adoption gains momentum.
In February, CME tipped plans to list two types of SOL futures contracts: standard contracts representing 500 SOL and retail-friendly “micro” contracts representing 25 SOL each.
They are the first regulated Solana futures to hit the US market after Coinbase’s launched in February. The contracts are settled in cash, not physical SOL.
On March 17, the contracts’ first trading day, SOL futures representing a notional value of nearly 40,000 SOL, or nearly $5 million at current prices, changed hands on the exchange, according to preliminary data from CME’s website.
Early pricing data indicates a potentially bearish sentiment