After submitting a formal request to the CFTC, the institutional trading platform Coinbase Derivatives would now be ready to list futures on Solana.
The move opens the doors to new speculative opportunities, especially for institutional-type clients, indirectly influencing the SEC’s decision regarding the launch of a spot Solana ETF within the American exchanges. The date for the listing is set for February 18th.
Let’s see everything in detail below.
Summary
Coinbase Derivatives is preparing to list Solana futures after applying to the CFTC at the beginning of the month
Coinbase Derivatives, a platform focused on crypto derivatives trading and regulated in the United States, has announced the upcoming listing of Solana futures.
The subsidiary of the namesake cryptocurrency exchange had submitted a self-certification document a few days ago to the Commodity Futures Trading Commission (CFTC) to notify the intention to list the asset.
In addition to the new exchange on Solana (SOL), Coinbase Derivatives is said to have applied to launch products based on Hedera (HBAR), a blockchain product based in the USA.
According to what was reported to the CFTC, the listing is expected for Tuesday, February 18, with the new contracts to be settled in cash on a monthly basis.
If there are no objections from the regulator, the contract size for Solana futures would be 100 SOL, currently equivalent to approximately 24,000 dollars.
The institutional section of Coinbase would also offer Solana contracts “NANO” with a size of 5 SOL. At the same time, the Hedera futures would be sized at 5,000 tokens.
We remind you that currently Coinbase Derivatives offers exposure to the crypto market through derivative products based on a specific selection of coins.
This includes assets like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Polkadot, Shiba Inu, Avalanche, Chainlink, and Stellar, as well as gold and oil.
The choice to introduce a specific market for Solana comes in the midst of an ongoing regulatory change for the cryptocurrency market in the United States.
With the entry of the new pro-crypto president Donald Trump, new perspectives could open up for a more favorable regulation for the sector, facilitating the approval of financial products based on digital assets like Solana.
Coinbase shakes the market: ETF on $SOL coming to Wall Street?
The strategic move by Coinbase Derivatives to dive into Solana futures follows the ongoing pressure from crypto operators on the SEC for the request of an ETF product based on the same currency. In recent months, several companies have filed documents with the Securities and Exchange Commission, specifically requesting the introduction of spot SOL ETFs on Wall Street. Among the major asset managers, we find Grayscale Investments, Cboe BZX Exchange, 21Shares, and Bitwise.
At this point, it is possible that the listing of Solana futures on Coinbase Derivatives could influence the SEC’s decision on the matter. The institutional subsidiary platform of Coinbase is indeed regulated by the CFTC and follows strict standards to determine its offering to investors. Indirectly, the fact that Coinbase acts as a bridge between the crypto world and regulated markets could therefore positively influence the choice of the U.S. regulatory authority.
It should be noted, however, that the CFTC does not have the same weight as other institutional entities in the United States, such as the CME.
If the Chicago Mercantile Exchange were to decide to list Solana futures, then the SEC would be more inclined to proceed with the approval of the related spot ETFs.
Furthermore, in some cases against Coinbase and Binance, the SEC had identified SOL as a possible asset security: this could strongly limit the agency’s freedom should it be considered as such.
In any case, the influence of the new Trump administration will certainly have a positive impact in this context, also considering the appointment of the pro-crypto Paul Atkins as the new chairman of the SEC. Investors are confident that in 2025 spot ETF markets for established assets like SOL, XRP, and LTC could be approved.
According to Polymarket odds, there is currently a 35% chance that a Solana ETF will be approved by July 31. Broadening the horizons, by the end-of-year deadline, the odds rise to 84%.
Analysis of the Solana crypto price
The listing of Solana futures on Coinbase Derivatives could give that touch of liveliness to the price action of SOL that has been missing for a few weeks. The cryptocurrency prices had approached the symbolic quotation of 300 dollars on January 19, only to follow the heavy market sell-off. From that moment on, the bears took control of the situation, creating a strong top construct for Solana, which is now traded at 192 dollars per token.
In the middle of the decline, the coin also lost the support of the 50 EMA, highlighting the strong bearish component in the short term. Trading volumes have decreased significantly, as have the funding rates on futures and the open interest of the derivatives markets.
In recent days, there has been a true reset of the entire crypto sector, as usually happens during bull market phases, which has rebalanced the market’s excesses.
Now Solana needs a new stimulus to return to a bull outlook and aim for new all-time highs during 2025. The approval of the spot ETF would potentially be the ideal narrative to ride in the coming months, enough to bring back investors’ attention. Even on the memecoin front, Solana could gain significant traction if Pump.fun continues to record excellent volumes as in recent months.
The first target for a recovery of SOL is set at 220 dollars, in order to mark a triple bottom in the daily chart of the coin below the current quotations. Subsequently, it would be necessary to recover 260 dollars and stabilize above it to then potentially start with another leg up.
For the orsi, a dip below 180 dollars would already be sufficient to continue to keep the situation in their grip and aim for new ribassisti targets.
