2025-12-27 08:23:03

The heat of the contract market this year is indeed astonishing. Just looking at the data can give you a sense—trading volume of ETH contracts on a leading exchange reached $6 trillion, doubling compared to last year. Ironically, the spot price increase is not significant, and new highs are only slightly broken through.

Behind this lies a distorted market structure: for every $1 of spot trading, there are $5 of contract trading. Speculators flood the market, causing volatile price swings, and even a small breeze can trigger chain reactions of liquidations. The August market surge directly wiped out $66 million in positions, making the market bubble feel very apparent.

The entire crypto space is caught in the same dilemma—excessive leverage accumulation, with the derivatives market's sentiment dictating the spot trend. The good news is that recent leverage levels have decreased, but ETH prices are still being led by the contract market. Most traders only engage in short-term trading, lacking the patience for long-term holdings, which is a main reason why large-scale upward movements are difficult to form.

ETH0,13%

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AirdropHunter9000

· 21h ago

Contract trading volume doubles, but spot trading hasn't moved much. This move is truly impressive!

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AirdropHunter

· 21h ago

The contract blew up, and so many people are still holding on stubbornly, truly a retail investor mentality. 5x leverage stacking is so terrifying, it's only a matter of time before another massacre. Spot prices aren't rising, but contracts are going crazy—this logic is absurd. With so many short-term traders, who still dares to hold coins overnight? The risk is too high. 66 million USD was gone in one wave—that's the power of derivatives.

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GweiTooHigh

· 21h ago

A 5x leverage ratio of 1:1, this is the true picture of the current crypto circle. People trading contracts are more aggressive than those holding coins. Short-term traders simply can't hold on, no wonder ETH is always being toyed with by the futures market. $66 million liquidation, it feels like a cleansing wave every month. Lowering leverage is useless; as long as there is profit potential, funds will never fully return. In fact, everyone knows deep down that this is a casino — just betting that they won't be the last one standing.

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BearWhisperGod

· 21h ago

Total contract value of 6 trillion, spot market not rising, this ratio is outrageous --- Basically, it's just too much leverage stacking up, any small disturbance causes liquidation --- A 5x ratio? Truly ridiculous, short-term traders are ruining the market --- That's why even in a bull market, it can't be sustained; everyone is betting on short-term moves --- $66 million wiped out in one wave, it’s painful just to watch --- The derivatives market rules, spot can only follow suit, it's too distorted --- Recently, the reduction in leverage is a good thing, but it's far from enough --- Watching contract data rise every day, while the spot remains stagnant—that's what you call irony

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