Data from the first half of 2025 shows that Bitcoin has a clear advantage with a significant capital shift into the derivatives market, primarily due to the participation of financial institutions.
BTC reached a historic high above 112,000 USD, with over 80% of trading volume and price discovery coming from the derivatives market, while spot trading significantly declined.
MAIN CONTENT
Bitcoin dominates the cryptocurrency market in the first half of 2025 with a new price peak above 112,000 USD.
Derivatives activity surged, especially at CME, reducing BTC price volatility.
The Coinglass derivatives index rebounded thanks to ETF demand and Bitcoin's safe-haven role.
How does Bitcoin lead the cryptocurrency market in the first half of 2025?
Experts from Coinglass announced that over 80% of cryptocurrency trading volume in the first half of 2025 is concentrated in the BTC derivatives market, increasing from an open interest of about 60 billion USD at the beginning of the year to over 70 billion USD by the end of June. Bitcoin's price surpassed 112,000 USD, establishing a new ATH.
The spot market has relatively declined, indicating that capital flows and interest are strongly focused on derivative financial products. This reflects the professionalization and scale of institutional participation compared to traditional retail investors.
BTC open interest on derivatives exchanges surged, with CME surpassing Binance. Source: Bitcoin Magazine Pro
What is the role of financial institutions in reducing Bitcoin price volatility?
The active participation of institutions in the derivatives market, especially at CME, has raised the total open interest on this exchange to over 16.5 billion USD, surpassing Binance with 11.3 billion USD. The presence of ETFs further strengthens the institutional position in the Bitcoin market.
Bitcoin's price volatility rate sharply decreased to 1.27% over 6 months, the lowest in years, indicating stability due to large capital flows and balancing between Long/Short positions.
David Mercer, CEO Coinglass, 7/2025
Diversifying capital flows and balancing positions to avoid short squeeze phenomena helps reduce mass liquidations and sudden price volatility. The correction sessions in February and March-April were the largest liquidation points but still at modest levels relative to the market size.
How does the Coinglass cryptocurrency derivatives index reflect market trends?
The Coinglass derivatives index, which includes BTC, ETH, SOL, and XRP, rebounded strongly in Q2 2025, reaching 2,231 points, up from around 1,600 points at the beginning of the year. The increase was mainly due to Bitcoin, while ETH, SOL, and XRP declined, pulling the index lower in the first period.
The Coinglass derivatives index grew along with Bitcoin, while altcoins declined. Source: Coinglass
Analysis from Coinglass indicates that demand from ETFs and Bitcoin's role as a safe-haven asset boosted this index. In contrast, profit-taking pressure and skepticism about altcoins reduced demand for altcoins, reflecting the overall weakness of the altcoin market.
What are the reasons the altcoin market did not recover as expected?
While Bitcoin continues to dominate, the altcoin market did not achieve the anticipated "altcoin season," instead, the prices of many smaller coins decreased even further. The altcoin season index only reached 28 points in July, reflecting Bitcoin's dominance in the cryptocurrency market.
Investors are becoming increasingly cautious about the recovery of traditional altcoins after an extended bear cycle.
Michael Lee, cryptocurrency analyst, 6/2025
Market signal analysis shows that altcoins are undervalued, but skepticism about long-term prospects limits capital inflows into this group, contrasting sharply with Bitcoin's sustained position.
Comparison table of open interest of major derivatives exchanges in the first half of 2025
Exchange Open Interest January (billion USD) Open Interest July (billion USD) Role CME 12.5 16.5 Leading derivatives platform for institutions, surpassing Binance Binance 15.0 11.3 Largest decentralized exchange by open interest Total crypto derivatives market 60.0 70.0 Overall growth of the derivatives market
Frequently Asked Questions
What is the highest price Bitcoin reached in the first half of 2025? Bitcoin set a new record by surpassing 112,000 USD, affirming its leading position. How did open interest in the Bitcoin derivatives market grow in the first half of 2025? Open interest increased from 60 billion USD to over 70 billion USD, with CME achieving 16.5 billion USD. Why did BTC price volatility decrease in the first half of 2025? Due to strong participation from financial institutions and the balancing of Long/Short positions at CME. Did the Coinglass derivatives index increase or decrease in Q2 2025? The index rebounded from 1,600 points to over 2,200 points, thanks to Bitcoin and ETF demand. Did altcoins recover in the first half of 2025? No, altcoins mostly decreased in price and were undervalued, with no clear "altcoin season".
Source: https://tintucbitcoin.com/bitcoin-dan-dau-phai-sinh-2025/
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