Solana futures debut on CME as mainstream adoption grows

2025年03月18日

Solana (SOL) futures began trading on the Chicago Mercantile Exchange (CME) Group’s U.S. derivatives exchange on March 17, bringing spot SOL exchange-traded funds closer to fruition. 

Chris Chung, founder of Solana swap platform Titan, said that this is a major milestone for Solana and paves the way for the eventual approval of SOL ETFs.

Matthew Sigel, VanEck’s head of digital assets research, also acknowledged the development on X on Monday, calling it a major step toward the approval of a Solana ETF.

Solana futures make their U.S. debut on CME with strong trading activity

In February, CME announced plans to list two types of SOL futures contracts: standard contracts representing 500 SOL and smaller “micro” contracts covering 25 SOL each.

These are the first regulated Solana futures available in the U.S. market, following Coinbase’s launch of SOL futures in February. The contracts are cash-settled rather than physically delivered.

According to preliminary data from CME’s website, SOL futures saw a notional volume of nearly 40,000 SOL on the first day of trading—equivalent to approximately $5 million at current prices.

Early trading data suggests a potentially bearish outlook among traders. CME’s April SOL futures were priced at $127 per token, $2 lower than the contracts expiring in March. The exchange does not publish finalized daily trading volumes until the next business day.

The first-ever SOL futures trade on CME was executed on March 16 by trading firms FalconX and StoneX.

“Solana has come a long way in the last five years,” said Chris Chung, founder of Solana-based swap platform Titan.

CME Group’s Giovanni Vicioso stated last month that the introduction of Solana futures aligns with growing client demand for a wider range of regulated products to manage cryptocurrency price risk. He emphasized that as Solana gains traction among developers and investors, these futures contracts will serve as an efficient tool for investment and hedging strategies.

Solana ETF approval gains momentum amid market shifts

According to Chris Chung, the establishment of a regulated market for SOL futures signals Solana’s maturation as an asset. He noted that this development could allow regulators to approve additional financial products with similar risk profiles.

Chung also highlighted the shifting regulatory stance toward cryptocurrency in the U.S. this year. He pointed out that while many dismissed the idea of a Solana ETF last year, it is now seen as an inevitability. He expects a wave of altcoin ETFs to gain approval in both North America and Canada, further cementing Solana’s position in mainstream finance.

On March 13, Chris Chung said that the U.S. Securities and Exchange Commission could approve VanEck and Canary Capital’s proposed spot Solana ETFs as early as May.

Futures contracts, which are standardized agreements to buy or sell an asset at a predetermined future date, are widely used for both hedging and speculation by retail and institutional investors. They also play a critical role in supporting spot cryptocurrency ETFs by offering a regulated benchmark for tracking asset performance.

The CME already offers futures contracts for Bitcoin (BTC) and Ether (ETH), both of which received SEC approval for spot ETFs last year. 

Bitcoin’s ETF success paves the way for Solana’s approval

The U.S. Securities and Exchange Commission approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July. A crypto task force led by Republican SEC Commissioner Hester Peirce was launched last month and has been working on distinguishing which crypto assets are securities, among other priorities.

At least 13 Solana ETF proposals are pending SEC approval. Former President Donald Trump appointed crypto advocate Paul Atkins to lead the SEC, but since Atkins has yet to undergo confirmation hearings, these proposals remain in regulatory limbo.

ETF Store President Nate Geraci recently predicted that BlackRock will eventually file for both Solana and XRP ETFs, suggesting that a Solana filing could happen soon. Last month, Bloomberg ETF analysts estimated a 70% chance of Solana ETF approval by the end of the year.

As of now, Solana’s native token is trading at approximately $126.56, down 2.1% in the past 24 hours.

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Spanish Police ‘Dismantle $32.6M Bitcoin-themed Crypto Pyramid Scam’

2025年03月18日

Spanish police officers say they have taken apart a Bitcoin (BTC)-themed crypto pyramid scam that duped victims out of around $32.6 million.

Per the news agency EFE (via Infobae), police officers said they had “dismantled” a “criminal organization” that promoted “fake cryptocurrency investments.”

Spanish Police Make Arrests in Malaga, Madrid, Murcia

Officers said they have arrested eight people, but fear that “more than 3,600 people” have lost money to the crypto scam.

National Police Corp vehicles in Spain
National Police Corp vehicles in Spain. (Source: Supertoni123 [CC BY-SA 4.0])

The National Police Corps (CNP)’s Economic and Financial Crime Unit said the network’s mastermind was a “computer programmer” whom they arrested in Malaga.

The CNP also made arrests in the cities of Murcia, and Madrid, detaining people of “various nationalities and backgrounds.”

The detainees include “marketing and web design experts,” officers said.

Police say the group developed a “seemingly legitimate platform that offered clients a choice of Bitcoin investment plans.”

They then allegedly promoted these products on various websites and social media platforms.

Victims, police said, “did not need to know anything about crypto,” as the alleged scam operators “made it easy for people to convert hundreds, even thousands of euros into Bitcoin.”

The alleged scammers were also able to dupe some “victims” into surrendering control of their electronic devices to “carry out crypto transfers themselves, in addition to stealing their personal and banking data.”

Operation Began in 2022 – Police

The CNP first learned of the operation in 2022, when a “victim” filed a report in Murcia.

As police investigated, they unearthed a complicated network of investments whereby older investors were paid using newer investors’ funds.

When people tried to withdraw their funds from the platform, the operators would reportedly concoct “obstacles” to delay or obfuscate the process.

One officer told EFE that some “victims” signed “contracts” with the operators, who “promised to pay dividends of 40% after one month,” and “up to 300% after a year.”

The police force eventually found a “trail” of fraud that “included thousands of victims in as many as 36 countries.”

‘Worthless Coin’

The CNP thinks that “at least 3,646 victims” lost their money to the scammers, 2,718 of whom are Spanish residents.

The fraudsters appear to have amassed vast Bitcoin holdings, with crypto wallets containing some BTC 400.

Officers say the masterminds also “created a new, worthless token” to investors.

The victims were mainly individuals who “had never invested in cryptocurrencies” before, the CNP said. Some corporations also fell victim to the scam, officers added.

Officers also froze 73 bank accounts and impounded cars, motorcycles, computer equipment, and hundreds of euros in cash.

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