December 2025 saw a notable decline in Bitcoin futures market activity: the combined trading volume of derivatives on centralized exchanges was about $1.09 trillion. This figure marks the lowest level since June 2024 and reflects reduced liquidity compared to earlier months of the year. Despite the overall drop in volumes, the distribution among major platforms remained unchanged: Binance continued to lead in total transaction volume.
Bitcoin Futures Trading Volume in December 2025
The total derivatives volume on centralized exchanges in December reached approximately $1.09 trillion, the lowest since June 2024. Compared to the peak months of 2025, the market shows a clear decline in activity and liquidity, with even September of this year recording higher figures. This indicates a significant reduction in trading intensity toward the year's end.
Volume Distribution Among Exchanges
Binance remained the volume leader with around $443.28 billion, maintaining its dominant position and controlling over 40% of the Bitcoin futures market. Following Binance were OKX and Bybit with comparable volumes, while a substantial portion of remaining activity was concentrated on several other platforms.
- Binance — approximately $443.28 billion (over 40% market share).
- OKX — $193.08 billion.
- Bybit — about $184.50 billion.
- Bitget — around $80.92 billion.
This structure highlights a high concentration of liquidity among a limited number of exchanges, with the overall market balance between platforms remaining largely unchanged despite the volume decline.
Reasons for Volume Decline
One of the main reasons cited for the volume reduction is the low volatility of Bitcoin prices in Q4 2025: the lack of sharp price movements reduced the appeal of high-risk futures strategies. Additionally, some liquidity may have shifted to alternative market segments, including options trading and growing interest in spot positions. These factors collectively lowered the intensity of operations on derivatives platforms.
Current Market Dynamics and Trader Sentiment
The market shows a cautious mood: traders are reassessing risk-reward ratios and reducing trade frequency, reflected in the volume decrease. At the same time, derivatives infrastructure remains in demand and trading continues, albeit on a much smaller scale than during periods of high volatility. For additional context, you can review changes in the Bitcoin network metrics, which also influence participant behavior.
Why This Matters
This news is particularly important for miners in Russia with any number of machines, primarily regarding liquidity and overall market sentiment: low futures volumes mean less market depth for those using derivatives for hedging or trading. While the volume decline does not directly affect mining operations (equipment, electricity, or hardware), it may impact the availability of hedging tools and spreads. Finally, the capital shift to other segments, such as altcoins, is reflected in altcoin volume reports, which should be considered when reallocating risk.
What to Do?
- Check your hedging. If you use futures to protect mining income, evaluate current liquidity and spreads on Binance and other exchanges before executing trades.
- Reconsider entry and exit strategies. In low volatility conditions, frequent short-term trades become less effective, so consider more conservative time horizons or switching to spot positions.
- Monitor fees and order execution. High volume concentration on a few exchanges can affect slippage; check order book depth and execution conditions on your trading platforms.
- Diversify risk management tools. Explore distributing liquidity among derivatives, options, and spot markets depending on your goals and ability to hedge mining revenue.
Overall, the current situation does not render the derivatives market inactive but calls for caution when using futures for hedging and trading. Regularly monitor liquidity on your chosen exchanges and factor in reduced trading intensity when planning operations.