A first occurred in the US, with Solana (SOL), Litecoin (LTC), and HBAR ETFs starting trading yesterday.
Despite the good news for the three altcoin ETFs, there’s still no activity for XRP, the fourth-largest cryptocurrency. While XRP has lagged behind other ETFs, the XRP ETF is expected to be available soon.
At this point, while the tense wait for XRP continues, good news came from the CME front.
Accordingly, the open interest (OI) in XRP and SOL futures traded on CME reached a new all-time high.
It has been reported that open interest in XRP and SOL futures on the Chicago Mercantile Exchange (CME), one of the world’s largest derivatives exchanges, has reached a record level, exceeding $3 billion.
Speaking to Coindesk, CME President Tim McCourt said the records show investors are seeking risk management and market growth opportunities through regulated futures markets.
McCourt also noted that this demonstrates strong investor demand for regulated cryptocurrency products.
Solana futures were listed on the CME in March of this year, and by August, open interest volume had surpassed $1 billion. For XRP, futures surpassed the same level of $1 billion within three months of launch.
This record is interpreted as a sign that the derivatives market centered on Bitcoin (BTC) and Ethereum (ETH) is gradually expanding towards major altcoins.
*This is not investment advice.