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With only a few days left until the end of 2025, CoinGlass has released its year-end report for 2025.
According to CoinGlass’ report, the total trading volume of the cryptocurrency derivatives market will be approximately $85.7 trillion in 2025, with an average daily trading volume of $264.5 billion.
2025 is the Year of DAT!
The report highlighted that 2025 is the year of DATs (Depth of Activated Transactions). DAT companies increased their Bitcoin holdings from 600,000 BTC at the beginning of the year to 1.05 million BTC by November, acquiring approximately 5% of the total Bitcoin supply.
The total trading volume in the crypto derivatives market reached approximately $85.7 trillion throughout the year, with a daily average of $264.5 billion. Global crypto derivatives open positions fell to their lowest level of the year in the first quarter, around $87 billion, following a reduction in leverage, before rapidly increasing in the middle of the year to reach a record high of $235.9 billion on October 7th.
The fourth quarter was also tough, and a sharp reset in early October wiped out over $70 billion in positions, representing roughly a third of total open positions, through a sudden delegitimization event.
CoinGlass attributed the decline and liquidations to US President Donald Trump’s decision to impose a 100% tariff on goods from China.
Despite this decline, year-end open positions reached $145.1 billion, a 17% increase since the beginning of the year.
The total nominal value of liquidated long and short positions reached $150 billion, while daily liquidations averaged between $400 million and $500 million.
These purges were concentrated mainly in October and November.
“Unexpected extreme events occurring in 2025 subjected existing collateral mechanisms, liquidation rules, and cross-platform risk transfer methods to unprecedented stress tests.”
Binance Took the Lead!
According to the CoinGlass report, Binance led the market with a total derivatives trading volume of approximately $25.09 trillion.
This accounts for approximately 30% of global trading volume, meaning that about $30 out of every $100 traded takes place through this exchange. Binance was followed by OKX with a volume of $10.7 trillion, Bybit with $9.4 trillion, and Bitget with $8.1 trillion. These four exchanges accounted for approximately 62.3% of the total market share.
*This is not investment advice.