Futures have updated their absolute maximum

🔵 In 2025, the trading volumes of futures in crypto surpassed ATH. The market is increasingly moving towards derivatives rather than spot.

🔵 Binance leads: $24 trillion in volume, which is more than OKX ($11 trillion). Next are Bybit, Bitget, and other exchanges. Hyperliquid has reached $2 trillion.

The market is currently about leverage and liquidations.