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Traders position for potential SOL ETF.

USDC

CEX

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Written by The Kaiko Research Team

16/06/2025

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! This week we’re talking all things Solana. As ETF issuers line up to launch funds tracking SOL the market reaction has been muted in parts. However, looking in the right place shows signs of institutional demand.

    • BTC’s response to geopolitical jitters

    • Altcoins liquidity ahead of the summer

    • LATAM trading activity rebounds

    Chart of the Week

    Traders Position for Potential SOL ETF.

    Asset managers vying to launch spot SOL exchange-traded funds in the U.S. have been working with the SEC to adjust S-1 filings. This mirrors activity seen prior to spot BTC and ETH ETF launches and has led to an uptick in activity in certain markets.
    SOL futures volume on the CME has climbed since, spiking on Friday to its highest level since contracts launched on the exchange in March.
    The CME has been a key venue for spot BTC ETF trading and, to a lesser extent, spot ETH trading. Traders take advantage of the price difference between spot and futures by shorting futures while holding spot, collecting the basis as expiration approaches. While this trade isn’t as easily available for SOL yet, the increased volume likely reflects positioning ahead of a potential spot ETF approval in the coming weeks or months.
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    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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