2025-12-27 08:30:27

#数字资产市场动态 The derivatives trading volume of Ethereum in 2025 has completely shattered previous records. Looking at data from a leading exchange, ETH futures trading volume over the past year exceeded $6.74 trillion—doubling the level of 2024, which was already a historic high. In other words, $ETH has firmly secured the top position in the global derivatives market trading volume this year, reflecting a high level of speculative enthusiasm.

What’s even more interesting is the ratio between spot and futures. Over the past year, this ratio has been stuck at 0.2. What does that mean? It indicates that for every $1 of ETH bought in the spot market, there are $5 circulating in futures contracts behind the scenes. This structure is a typical high-leverage characteristic—the market is entirely supported by borrowed money. The level of hype around Ethereum in 2025 can be easily seen from this ratio.

Record-breaking trading volume + leverage imbalance results in a clear outcome: the futures market has become the price manipulator. $ETH’s price fluctuations this year have been amplified repeatedly, with a chaotic trend driven mainly by liquidation events. It only reached new highs after earning just a few dollars—this kind of underwhelming performance actually reflects the fragility of the entire market.

ETH0,32%

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gm_or_ngmi

· 8h ago

A 0.2 ratio directly exposes the risk; stacking leverage like this will eventually lead to liquidation.

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BearMarketSurvivor

· 12-27 08:59

It's the same story again, false prosperity built on leverage. 5x leverage supports 6.74 trillion, and one black swan event will directly bring it back to reality. The liquidation machine spins around, retail investors have to pay tuition again. Yet it keeps hitting new highs, it's hilarious. This is the ETH story of 2025, an illusion built on borrowed money. Futures profit at the expense of spot, old tricks with a new shell. The data looks good, but I see the trap behind that 0.2 ratio. If you ask me, entering now is just gambling with luck. Wait until the liquidation wave comes and see. When the margin trading volume explodes, everyone will be sacrificed. I've seen too much of this. The higher the trading volume, the greater the risk—that's basic common sense.

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BlockchainTherapist