Crypto News Today — Short Brief
Global crypto derivatives hit a record $85.7T in 2025, averaging $265B daily, highlighting rapid institutionalization, per CoinGlass.
Binance led the market, handling $25.09T in volume—nearly 30% of global derivatives trading—cementing its role as the main liquidity hub.
Market concentration remains high, with the top exchanges controlling over 62% of total volume.
Institutional activity surged, driven by spot ETFs, options, and regulated futures, boosting venues like CME, which strengthened its dominance in Bitcoin futures.
Systemic risk increased: open interest swung sharply, peaking at $235.9B before major deleveraging events.
2025 liquidations totaled ~$150B, with a severe October sell-off exposing leverage and cross-market contagion risks.
Outlook 2026: Crypto derivatives are larger and more mature—but rising leverage and tighter market linkages mean higher stakes and greater fragility going forward.
