Solana Futures ETFs Fall Flat

Exchange-traded fund (ETF) service provider Volatility Shares launched two solana futures ETFs on March 20, the Solana ETF (SOLZ) and the 2x Solana ETF (SOLT). Both funds have had decent performance thus far, recording average daily trading volumes of roughly 80,000 and 140,000 units respectively, or $1.25 million and $2.16 million, according to Yahoo Finance. But Bloomberg ETF Analyst Eric Balchunas pointed out that volume for the Proshares Bitcoin ETF (BITO), a similar bitcoin-based futures fund, was significantly higher during its first week after launching in October 2021. “The new solana futures ETF hasn’t done much. A million in volume [for the] first few days is decent for [a] normal ETF, but nothing versus BTC,” Balchunas posted on X. “The further you get away from BTC the less asset there will be,” he added. BITO averaged more than 12 million units per day in trading volume during its first week, and at a mean price of about $17, that volume equates to roughly $204 million each day.