The derivatives market shows significant expansion. According to CoinAnk data, the total open interest of contracts across the network has exceeded 724,200 BTC, with a nominal value reaching $80.82 billion, an almost 19% increase in a single day, setting a new historical peak. Among them, CME occupies 22.55% market share with an open interest of 163,400 BTC ($18.23 billion), while 10703243135 ranks second with 122,100 BTC ($13.64 billion). This data shows a continuous breakthrough growth compared to $43.3 billion in October 2024 and $34.48 billion in January 2025, reflecting the sustained deepening of market participation.

From the market structure analysis, CME's dominant position highlights the deep involvement of institutional funds. Its standard contract design (each representing 5 BTC) and the combination with micro contracts attract professional investors, especially those looking to avoid the risks of directly holding crypto assets through cash settlement mechanisms. Research shows that the surge in open interest correlates positively with Bitcoin price volatility, and a high leverage environment may exacerbate liquidation risks. Although current market sentiment leans towards optimism, attention must be paid to the systemic pressure brought about by increased concentration of positions. Historical data shows that when open interest breaks historical highs, the market often enters a short-term adjustment phase to digest excessive leverage.

For the crypto market, the expansion of the institution-led derivatives market not only enhances liquidity but also injects mature factors into the price discovery mechanism. However, it is important to note that the competition for market share between CME and Binance (in February 2025, CME surpassed Binance with a market share of 24.87%) reflects the long-term game between regulatory compliance and offshore trading models. Additionally, the inflow of funds into Bitcoin ETFs (such as over $12 billion accumulated in 2024) and the synergistic effect with the derivatives market may further amplify market volatility. It is recommended that investors pay attention to the divergence signals between open interest and price trends to guard against liquidity shocks in a high leverage environment.