Global crypto derivatives volume totaled $85.7 trillion in 2025 (~$264.5B/day), led by Binance with $25.09T (29.3%). OKX, Bybit and Bitget brought the four-exchange share to ~62.3%. Institutional pathways — spot ETFs, options and compliant futures — boosted CME activity and shifted flows toward hedging, basis trading and ETF-related flows. Open interest fell to a yearly low of ~$87B after Q1 deleveraging, peaked at $235.9B on Oct. 7, then a Q4 reset erased >$70B; year-end OI was $145.1B (up 17% YoY). Total forced liquidations in 2025 were estimated at ~$150B, with an Oct. 10–11 spike >$19B (85%–90% longs). Source: CoinGlass.

Fact-based metrics show record annual derivatives volume ($85.7T) led by Binance ($25.09T, 29.3%), large swings in open interest (low ~$87B after Q1, peak $235.9B, year-end $145.1B) and very large forced liquidations (~$150B with an Oct.10–11 >$19B spike, mostly longs). Institutional ETF/options flows increased CME presence while deeper leverage chains raised tail-risk — these concrete datapoints justify a mildly negative sentiment and moderate trading impact.