The crypto derivatives market just received its most comprehensive annual checkup. Coinglass, the leading analytics platform, has released its definitive 2025 report, and the findings are staggering. Summarized by on-chain analyst AmberCN, the data reveals a sector that has matured at a breathtaking pace, dominated by institutional players and record-breaking volumes. If you trade crypto futures or options, this report is your essential guide to understanding the forces that moved the market last year.
What Does the 2025 Crypto Derivatives Market Report Reveal?
The headline number is impossible to ignore. In 2025, the total trading volume for the crypto derivatives market reached an astonishing $85.7 trillion. That translates to a daily average of $264.5 billion, showcasing relentless activity. However, this growth came with volatility. The report notes that the total notional value of liquidated long and short positions hit $150 billion for the year.
Daily liquidations typically ranged between $400 million and $500 million, with intense concentration during October and November. This period likely coincided with major market moves, reminding traders of the high-stakes nature of derivatives trading.
Who Dominated the Crypto Derivatives Landscape in 2025?
The competition among exchanges remains fierce. According to the Coinglass report, the top five centralized platforms by activity were:
- Binance
- OKX
- Bitget
- Bybit
- Gate
This ranking underscores the continued concentration of liquidity and user base in a handful of major venues. For traders, this means these platforms are critical for accessing deep order books and competitive pricing in the crypto derivatives market.
How Did Institutional Players Like DATs Impact Bitcoin?
Perhaps the most significant trend of 2025 was the monumental rise of Digital Asset Trusts (DATs). The report declares 2025 as “the year of DATs.” These institutional vehicles aggressively accumulated Bitcoin, increasing their holdings from 600,000 BTC at the start of the year to 1.05 million BTC by November.
This means DATs now control approximately 5% of the total Bitcoin supply. Their massive, sustained buying represents a fundamental shift in market structure, providing a substantial layer of institutional demand beneath the price. This activity is a key driver analyzed within the broader crypto derivatives market context, as their spot holdings influence futures and options sentiment.
What Are the Emerging Trends Beyond Traditional Derivatives?
The Coinglass 2025 report looks beyond standard futures and options to identify explosive growth in adjacent sectors. Two areas stand out:
- Crypto Prediction Markets: These platforms, where users bet on real-world outcomes, are expected to surpass $52 billion in cumulative trading volume. Their growth signals a demand for novel, speculative financial instruments.
- On-Chain U.S. Stock Tokens (RWA): The Real-World Asset (RWA) sector saw a sharp spike in interest for tokenized versions of traditional stocks. This bridges the gap between crypto and conventional finance.
Furthermore, the report makes a bold projection: decentralized derivatives (perpetuals, options on protocols like dYdX or GMX) are poised to move past the proof-of-concept stage. In 2026 and beyond, they are expected to actively compete with centralized exchanges for market share, driven by demands for transparency and self-custody.
Key Takeaways from the 2025 Crypto Derivatives Analysis
The Coinglass report paints a picture of a complex, multi-faceted crypto derivatives market. It is a market defined by colossal scale, increasing institutionalization, and rapid innovation. The dominance of DATs in Bitcoin accumulation creates a new price floor dynamic. Meanwhile, the rise of prediction markets and RWAs shows the ecosystem is expanding its scope.
For the savvy participant, understanding these flows is no longer optional. The data provides a crucial map for navigating the opportunities and risks in one of finance’s most dynamic arenas. The evolution of the crypto derivatives market continues to be the main story for professional traders.
Frequently Asked Questions (FAQs)
What was the total trading volume for the crypto derivatives market in 2025?
According to the Coinglass report, the total trading volume reached approximately $85.7 trillion for the year 2025.
How much Bitcoin do Digital Asset Trusts (DATs) hold now?
DATs increased their Bitcoin holdings from 600,000 BTC at the start of 2025 to 1.05 million BTC by November, accounting for about 5% of the total Bitcoin supply.
Which exchanges were the top five in the crypto derivatives market?
The top five centralized exchanges ranked in the report were Binance, OKX, Bitget, Bybit, and Gate.
What are the emerging trends highlighted in the report?
The report highlights significant growth in crypto prediction markets (expected to exceed $52 billion in volume) and on-chain U.S. stock tokens in the RWA sector. It also projects decentralized derivatives will begin competing for market share.
What was the average daily liquidation value in 2025?
Daily liquidations in the crypto derivatives market averaged between $400 million and $500 million, with a total of $150 billion liquidated for the year.
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To learn more about the latest Bitcoin trends, explore our article on key developments shaping Bitcoin institutional adoption.
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