Derivatives continue to drive the bulk of Bitcoin trading activity in 2025, with daily turnover ranging from a few hundred thousand to around one million BTC.

Although the highest single-session levels still approach or occasionally exceed one million, the ratio between derivatives and spot trading volume appears narrower than it did during some of the more dramatic periods of 2024.

This is mainly due to the price action we’ve seen since the beginning of the year. Price has remained near $94,000 to $100,000 in January and early February, dampening volatility compared to the explosive moves that carried Bitcoin above $100,000 at the end of 2024.

Traders continue to gravitate toward derivatives to speculate on short-term price swings and hedge their positions. Still, the data suggests a more uniform day-to-day level of derivatives activity rather than the extreme spikes that sometimes topped two million BTC-equivalent contracts in mid-2024.

Even when Bitcoin experienced a quick slide from around $105,000 to $95,000, the derivatives volumes were more measured than last year’s largest surges. This shows that while hedging and speculative interest remain robust, traders appear somewhat more cautious, potentially due to the elevated price and the extended rally at the end of 2024.

Spot exchange volume still sees meaningful bursts of activity around notable price moves despite being overshadowed by derivatives. These bursts often fall in the 100,000 BTC to 500,000 BTC range and coincide with abrupt declines or brief rallies.

This reaction highlights the ongoing interest in outright ownership, particularly when traders spot an opportunity to accumulate at lower levels or, conversely, to sell on sudden rallies. Price consolidation near historical highs may also discourage some market participants from committing large spot purchases at these levels, preferring to capitalize on smaller fluctuations through margin or futures instruments.

This reflects an evolving market that is often described as “more mature” than in previous years. Many traders still prefer to express near-term views through options and futures, which demand less capital outlay than large spot transactions. At the same time, the narrower ratio in 2025 suggests that massive derivative excesses — like those seen at key points in 2024 — have subsided, at least for the moment.

Last year’s trading environment included rapid price movements from the $70K range to well above $100K, inviting episodes of extreme speculation that are not as pronounced in recent weeks. This ongoing transition does not necessarily signal a fundamental market shift away from derivatives but rather a moderating tone as Bitcoin consolidates gains and traders adapt to a market that has already priced in significant upside.

If another strong catalyst emerges, the data from 2024 reminds us that derivatives volumes are capable of outpacing spot volume by massive margins. However, for now, the year-to-date picture shows a balance that is still dominated by leveraged trading, but volumes remain below the peak levels seen in the prior year.

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