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Futures-based exchange-traded funds associated with Solana and XRP have garnered nearly $3 billion in trading volume amid expectations for possible spot ETF approvals.
This momentum has been driven by the introduction of new leveraged products, an increase in derivatives positioning, and a rise in demand for yield-focused structures.
Futures Solana ETFs (Source: The Block)
In early 2025, a leak suggesting that the CME Group was preparing to introduce futures contracts for Solana and XRP triggered an immediate price increase of around 3%. This development laid the groundwork for institutional product launches based on regulated derivatives markets.
By mid-May, open interest in XRP futures surged by approximately $1 billion within a week, rising from $2.4 billion to $3.4 billion, alongside a price increase from around $2.10 to $2.45. This spike occurred as market participants positioned themselves in anticipation of speculation that the U.S. Securities and Exchange Commission might consider a spot XRP ETF by midyear.
In July, ProShares introduced leveraged futures ETFs for both assets after securing approval from NYSE Arca. The Ultra Solana ETF (SLON) and Ultra XRP ETF (UXRP) are designed to achieve twice the daily performance of their respective CME-regulated futures, without holding the underlying tokens. These launches contributed to a growing array of altcoin-related ETFs that have attracted investments in a market still primarily controlled by Bitcoin and Ethereum funds.
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A concurrent development took place with the launch of the REX-Osprey Solana Staking ETF (SSK) in early July. The product achieved $33 million in trading volume on its first day and $12 million in inflows, significantly surpassing the initial volumes of various futures-based products. Structured as a spot-based vehicle that incorporates staking rewards, the ETF provides yield-bearing exposure, appealing to investors looking for income-generating strategies in the digital asset sector.
ETF data indicates that during the first week of July, Solana-linked ETFs attracted $20 million in inflows, while XRP ETFs saw an additional $10 million, contributing to a record total of $189 billion in crypto ETF assets under management. XRP futures-based funds have experienced rapid growth within this context.
Although futures-based ETFs differ from spot products in their structure and exposure, their asset growth and trading activity reflect the market’s depth and liquidity in these altcoins.
Historically, the creation of a liquid futures market has been regarded as a precursor to spot ETF approval, providing regulators with a history of pricing transparency and risk management. Concurrently, leveraged and futures strategies carry risks such as daily compounding effects and contract roll costs, which can heighten volatility and diverge from spot market performance.
The combination of increased futures activity, significant ETF inflows, and innovative yield-oriented structures has positioned Solana and XRP more prominently within regulated investment markets.
Currently, the $3 billion mark in futures-based ETF assets reflects the scale of capital allocation occurring in anticipation of potential shifts in the regulatory environment.
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