Demand for the CME Solana futures product could indicate future investor appetite for an ETF tracking the altcoin.

The CME Solana (SOL) futures debuted to lackluster trading activity compared to Bitcoin (BTC) and Ethereum (ETH) futures products on the Chicago Mercantile Exchange, wrote K33 head of research Vetle Lunde and senior analysts David Zimmerman.

Launched on March 17, the CME SOL futures recorded a modest $12.3 million for trading volume and only $7.8 million in open interest. Conversely, CME Bitcoin futures secured $102.7 million in launch day trading volume in December 2017.

Ethereum futures on the venue also notched $31 million in volume on day one, and open interest was noted at $20.9 million, more than CEM SOL futures managed on the first day. 

Although Lunde and Zimmerman noted that CME Solana futures launched in an uncertain market, the analysts surmised that the trading numbers may signal a lack of institutional and investor demand for altcoins, especially outside Ethereum.

The report theorized that spot Solana exchange-traded funds may witness a similarly hushed reception from investors if the U.S. Securities and Exchange Commission approves these products. As of March 18, at least six U.S. issuers, including VanEck, 21Shares, Bitwise, Canary Capital, Grayscale Investments, and Franklin Templeton, have filed with the SEC to list shares of a spot SOL ETF.