The Coinglass 2025 report records a record scale for the crypto derivatives market: total trading volume reached $85.7 trillion with an average daily turnover of $264.5 billion. The year was marked by high volatility — the combined nominal value of liquidated long and short positions totaled $150 billion, with daily liquidations typically ranging from $400 to $500 million.
Total Crypto Derivatives Market Volume in 2025
The report's headline figure — $85.7 trillion in total annual trading volume — highlights the vast activity across futures and options sectors. The average daily volume of $264.5 billion indicates consistent and intense trading, which combined with high volatility led to frequent liquidations. The report notes that positions worth $150 billion were liquidated overall, with typical daily liquidations around $400–$500 million, reflecting the risk of rapid market moves and concentrated losses among leveraged positions.
Key Players in the Crypto Derivatives Market
Coinglass identifies five centralized exchanges with the highest activity: Binance, OKX, Bitget, Bybit, and Gate. This liquidity concentration means that large orders and market events most often occur on these exchanges, which feature deep order books and active markets. For participants, this is important for order execution and assessing liquidity risks during strong market moves.
Impact of Institutional Investors (DATs)
The report highlights the role of Digital Asset Trusts (DATs), which actively increased their Bitcoin positions throughout the year: their holdings grew from 600,000 BTC at the start of the year to 1.05 million BTC by November. According to the report, DATs now control about 5% of the total Bitcoin supply, altering the market's demand structure. The authors note that such large accumulations create significant institutional demand, influencing both the spot market and sentiment in derivatives markets.
Emerging Trends in the Crypto Derivatives Market
Coinglass notes developing areas beyond traditional futures and options. The report highlights growth in predictive markets, with an expected volume exceeding $52 billion, indicating expanding products around event forecasting. More details on trading dynamics in prediction markets can be found in the article prediction markets.
Additionally, the report forecasts that decentralized derivatives — including perpetuals and options on protocols like dYdX and GMX — will move beyond proof-of-concept stages and begin competing with centralized exchanges in the coming years. This points to potential market share redistribution between platform types and increased demands for transparency and self-custody.
Why This Matters
If you mine with anywhere from one to a thousand devices in Russia, this data is important even if you don’t trade derivatives directly. The scale of trading and regular large liquidations mean increased Bitcoin price volatility, leading to more frequent sharp changes in mining revenue. Understanding liquidity concentration and the role of DATs helps assess how stable Bitcoin demand might be during different periods.
Moreover, the growth of predictive markets and decentralized derivatives is reshaping the market overall: it affects liquidity, spreads, and trader behavior, which indirectly influences the market price of the asset you mine. Considering these factors, it’s useful to monitor key platforms and liquidation dynamics to better plan sales and risk management.
What to Do?
Practical steps for miners with small to medium equipment farms: manage your exposure in fiat and BTC — don’t sell everything during sharp downturns, but also avoid holding 100% of revenue without reserves. If you use leverage or trade, keep in mind that daily liquidations often reach hundreds of millions, so the risk of margin calls and forced closures is high.
Recommended actions: diversify the platforms where you store and sell Bitcoin; keep reserves for unforeseen expenses; set sales limits and automatic orders to avoid selling at worst prices during volatility spikes. For those wanting deeper understanding of liquidation mechanics and loss protection, reviewing incident analyses and risk reduction practices is helpful, such as in the article on how to protect against large liquidations.
Where to Follow Next
Follow reports on open interest and perpetual contract behavior — these metrics provide early signals of rising risk and position concentration. Reports on open interest growth and position changes help decide when to sell or accumulate; more on open interest growth can be found in the analysis open interest growth.