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The Bitcoin derivatives market has reached record levels
In the first half of 2025, the Bitcoin derivatives market reached record levels, confirming the increasingly central role of BTC as an institutional asset even in leveraged markets.
According to the 2025 semi-annual report by CoinGlass, the overall open interest (OI) on Bitcoin derivatives exceeded $70 billion, marking a new all-time high and reshaping the map of the sector’s main players. In this article, we analyze the data, the dynamics behind the growth, and the future prospects for leverage on BTC.
OI at all-time highs
The open interest on Bitcoin derivatives rose from about $60 billion at the beginning of the year to over $70 billion in May. This figure represents the total amount of open derivative contracts on the market and is a sign of growing confidence and greater market depth.
CoinGlass highlights how the OI on BTC continued to rise even after reaching spot highs of $112,000, demonstrating that operators — particularly institutional ones — see value in maintaining leveraged exposures on BTC (source: CoinGlass).
The CME overtakes
A particularly significant trend was the overtaking of CME over Binance regarding open interest on BTC futures.
According to CoinGlass data as of June 1:
CME: 158,300 BTC in OI (~$16.5 billion).
Binance: 118,700 BTC in OI (~$12.3 billion).
This shift reflects the growing preference of institutional investors for regulated and transparent channels like the CME, at the expense of crypto-native platforms.
Healthier and structured leverage
Despite the growth in OI, the leverage structure appeared healthier compared to previous cycles. The sudden waves of volatility in February and April caused massive liquidations of overly leveraged positions, bringing risk levels back to more sustainable values.
CoinGlass points out that, after these episodes, margin reserves on exchanges remained abundant, and the average leverage ratio never got out of hand (CoinGlass). This shows greater market maturity and more prudent use of leveraged instruments.
Growth drivers
1️⃣ Institutional inflows
Spot BTC ETFs have fueled demand even on derivatives for hedging and arbitrage strategies.2️⃣ BTC dominance
The growing dominance of Bitcoin has made BTC derivatives the most liquid and demanded in the sector.3️⃣ Better transparency
With initiatives like the real-time publication of liquidation data by Bybit, market transparency has increased, facilitating the participation of sophisticated capital.
Risks to monitor
Despite the strength of the growth, investors must remain vigilant about:
Possible geopolitical “black swan” events.
Monetary policy changes by the Federal Reserve.
Possible congestion or episodes of forced liquidations in case of excessive leverage.
Prospects for H2 2025
According to CoinGlass, the second half of the year should see further consolidation of the BTC derivatives market, with OI potentially stabilizing at high levels but with average leverage under control. Possible regulatory developments and new regulated instruments could further drive institutional participation.
Bitcoin derivatives
The first half of 2025 marked the beginning of a new era for Bitcoin derivatives, with an open interest record, healthier leverage, and a growing institutional presence in regulated markets.
For investors, the key remains to closely monitor leverage and liquidity indicators to take advantage of market opportunities without exposing themselves to excessive risks.
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