CME Exchange Sees Near-Record SOL Futures Open Interest as Crypto Shows Selective Strength

Major cryptocurrencies traded sideways as investors awaited guidance from the Federal Reserve's upcoming meeting. Solana's SOL futures saw near-record open interest on CME, while privacy token Monero shrugged off network concerns with a 6% gain.

Layer-2 tokens outperformed, with IMX surging 13% and AVAX climbing 6% amid growing institutional interest. Derivatives data revealed capital rotating from BTC and ETH futures into altcoins, with AVAX open interest jumping 14% as its market cap approaches $13 billion.

Market signals remain mixed. The ETF MVRV ratio hitting 2.29 suggests strong institutional bids, but weakening spot cumulative volume delta raises caution. "This divergence between momentum and participation typically precedes headline-driven moves," noted Timothy Misir of BRN Research.