Leveraged Solana and XRP ETFs gain $3B momentum ahead of SEC decision

Futures-based exchange-traded funds tied to Solana and XRP have accumulated almost $3 billion in volume amid market anticipation for potential spot ETF approvals.The momentum has been fueled by new leveraged products, a surge in derivatives positioning, and demand for yield-oriented structures.Futures Solana ETFs (Source: The Block)In early 2025, a leak indicating the CME Group was preparing to list futures contracts for Solana and XRP prompted immediate price gains of about 3%. That development set the stage for institutional product launches built on regulated derivatives markets.By mid-May, open interest in XRP futures jumped by roughly $1 billion in a week, moving from $2.4 billion to $3.4 billion, and a price move from around $2.10 to $2.45. This surge came as market participants positioned ahead of speculation that the U.S. Securities and Exchange Commission could consider a spot XRP ETF by midyear.In July, ProShares launched leveraged futures ETFs for both assets after receiving NYSE Arca approval. The Ultra Solana ETF (SLON) and Ultra XRP ETF (UXRP) each target twice the daily performance of their respective CME-regulated futures, without holding the underlying tokens. These launches added to an expanding lineup of altcoin-linked ETFs that have attracted capital in a market still dominated by Bitcoin and Ethereum funds.A parallel development came with the debut of the REX-Osprey Solana Staking ETF (SSK) in early July. The product recorded $33 million in first-day trading volume and $12 million in inflows, far exceeding the initial volumes of several futures-based products. Structured as a spot-based vehicle that integrates staking rewards, the ETF offers yield-bearing exposure, drawing interest from investors seeking income-generating strategies in the digital asset space. ETF data shows that in the first week of July, Solana-linked ETFs saw $20 million in inflows and XRP ETFs added $10 million, contributing to a record $189 billion in total crypto ETF assets under management. XRP futures-based funds have grown rapidly in this environment.While futures-based ETFs differ from spot products in structure and exposure, their asset growth and trading activity demonstrate market depth and liquidity in these altcoins.Historically, the establishment of a liquid futures market has been viewed as a step that can precede spot ETF approval, offering regulators a track record of pricing transparency and risk management. At the same time, leveraged and futures strategies carry risks such as daily compounding effects and contract roll costs, which can amplify volatility and diverge from spot market performance.The convergence of heightened futures activity, substantial ETF inflows, and innovative yield-focused structures has put Solana and XRP into a more prominent position in regulated investment markets.For now, the $3 billion threshold in futures-based ETF assets reflects the scale of capital allocation underway in anticipation of potential changes in the regulatory landscape.Mentioned in this article



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