Crypto Derivatives Market Matures as Institutional Capital Shifts to Regulated Venues

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The cryptocurrency derivatives landscape experienced a fundamental shift in 2025, moving decisively from a retail-centric model to one shaped by institutional participation and sophisticated risk management strategies.

This transformation is highlighted in the CoinGlass 2025 Crypto Derivatives Market Annual Report, which identifies the year as a pivotal point for the asset class’s financial maturity.

Total trading volume for the market reached roughly $85.70 trillion for the year, translating to a daily average turnover of approximately $264.5 billion.

A critical development was the solidification of institutional dominance across trading platforms. The report notes that demand for strategies like hedging, basis trading, and controlled exposure has increasingly flowed toward regulated, exchange-traded products.

This trend cemented the prominence of traditional finance venues, with the CME Group maintaining its leadership in Bitcoin futures after surpassing Binance in open interest the previous year.

By 2025, the CME also significantly closed the gap with Binance in Ethereum derivatives, signaling expanding institutional engagement beyond Bitcoin. Major crypto-native exchanges, including OKX, Bybit, and Bitget, continued to hold a considerable portion of overall market share.