Overview
- Binance processed $6.74 trillion in ETH futures volume in 2025, nearly doubling its 2024 tally.
- OKX reached $4.28 trillion with Bybit at $2.15 trillion and Bitget at $1.95 trillion, underscoring derivatives concentration across a few platforms.
- Analysts estimate about $5 in futures traded for every $1 in spot, highlighting elevated leverage and liquidation-driven price swings.
- ETH traded near $2,932 at the latest reading, sitting more than 40% below its all-time high despite record derivatives activity.
- Institutional flows included Bitmine staking 74,880 ETH (about $219 million) and SharpLink redeeming 35,627 ETH, indicating tactical positioning on-chain.