- The CME Group may soon launch an XRP and Solana Futures in February.
- Crypto ETFs are gaining massive traction amid hopes of approval.
XRP and Solana (SOL), currently ranked amongst the top 10 cryptocurrencies, each experienced a 3% price rally on Wednesday. This surge comes amid reports that the Chicago Mercantile Exchange (CME) is including futures contracts for XRP and SOL.
The XRP and SOL Futures Launch Rumors
The discussion surrounding an XRP and SOL futures launch on CME became widespread following a post from X user @SummersThings. SummersThings shared a snapshot subdomain page on the CME website in the X post, introducing SOL and XRP Futures.
The snapshot suggests that the regulated SOL and XRP futures might start trading on February 10, pending regulatory approval. According to the website, contracts for XRP and SOL will be offered in standard and micro sizes. The micro-contract will account for 25 SOL, while the standard contract is 500 SOL.
Meanwhile, standard-size XRP futures contracts will feature 50,000 XRP, while micro futures contracts will amount to 2,500 XRP. This variation gives users more flexibility and greater precision. Notably, all XRP and SOL contracts will settle in US dollars.
SummersThings opined that CME is likely preparing for the official announcement. However, the website is no longer accessible as of this publication, and CME has yet to announce the launch officially.
Commenting on the development, Bloomberg Senior ETF analyst James Seyffart said the market has seen several ETF filings for SOL and XRP futures ETFs. However, he emphasized that none of the exchange-traded funds (ETFs) are listed under CME or CBOE. Seyffart noted:
I would expect CME to list those futures in the next month, assuming those issuers know something we don’t,
In any case, the eventual CMF futures launch could increase the credibility of XRP and SOL, partially eliminating doubts related to their regulation.
A surge in Crypto Futures and ETFs
The past few weeks have seen increased applications for crypto futures products and ETFs, reflecting a growing demand for regulated crypto instruments. Institutional investors prefer to manage their operations on regulated markets to reduce counterparty risks and potential misconduct.
Another key benefit of crypto futures is that it allows investors to speculate on price trends without directly holding the underlying asset.
Notably, the surge in regulated crypto products follows the reelection of President Donald Trump in the US.
As mentioned in our previous news brief, multiple firms submitted ETF proposals, including XRP Futures ETFs and Solana Futures ETFs. ProShares filed for a Solana Futures ETF on January 17, and CoinShares applied for the “CoinShares Digital Asset ETF.” In addition, Nasdaq submitted a 19b-4 application to the SEC to list Canary’s Litecoin ETF, as noted in an earlier post.
These submissions came just a few days before Gary Gensler’s resignation as Chairman of the Securities and Exchange Commission (SEC).
Meanwhile, the price of XRP and SOL, which increased 3% on Wednesday, has since declined amid a broader market downturn. As of this writing, XRP price was trading at $3.11, down 1.26% in the last 24 hours. SOL follows a similar path, declining by 2.99% to $251.
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