Spot volume grows, but traders chase leverage.
By Maxime Laurent · 2026-01-13 11:06
Spot volume grows, but traders chase leverage.
Spot hit $18.6T in 2025, up 9%, while derivatives exploded as attention shifted to perpetual futures.
I read these numbers late last night, window open, cicadas singing, and I wasn’t surprised 🦗🌌
Yes, spot trading reached $18.6 trillion in 2025, up from $17T in 2024. Growth is still there, but slower, more tired. According to CryptoQuant, the real action moved elsewhere — straight into derivatives.
Perpetual futures volumes jumped 29%, hitting a wild $61.7 trillion. That’s $13.8T more than last year. Read that again. This isn’t investors quietly stacking $BTC or $ETH anymore. This is leverage, speed, adrenaline. The casino lights are brighter than the grocery store next door.
I’ve always seen spot as the heart of crypto — boring, honest, long-term. Derivatives are the espresso shot: powerful, addictive, and dangerous if you overdo it ☕️. When most activity migrates there, it tells me one thing: people are trading narratives, not building conviction.
This doesn’t mean the market is sick. It means it’s restless. Late-cycle energy. Everyone wants movement, not meaning. Faut pas déconner though — when leverage dominates too much, the hangover usually follows.
For now, spot is alive. But the pulse? It’s clearly beating in the futures pit.
#crypto #Bitcoin #Ethereum #trading #derivatives #marketcycle #CryptoFriture
Spot hit $18.6T in 2025, up 9%, while derivatives exploded as attention shifted to perpetual futures.
I read these numbers late last night, window open, cicadas singing, and I wasn’t surprised 🦗🌌
Yes, spot trading reached $18.6 trillion in 2025, up from $17T in 2024. Growth is still there, but slower, more tired. According to CryptoQuant, the real action moved elsewhere — straight into derivatives.
Perpetual futures volumes jumped 29%, hitting a wild $61.7 trillion. That’s $13.8T more than last year. Read that again. This isn’t investors quietly stacking $BTC or $ETH anymore. This is leverage, speed, adrenaline. The casino lights are brighter than the grocery store next door.
I’ve always seen spot as the heart of crypto — boring, honest, long-term. Derivatives are the espresso shot: powerful, addictive, and dangerous if you overdo it ☕️. When most activity migrates there, it tells me one thing: people are trading narratives, not building conviction.
This doesn’t mean the market is sick. It means it’s restless. Late-cycle energy. Everyone wants movement, not meaning. Faut pas déconner though — when leverage dominates too much, the hangover usually follows.
For now, spot is alive. But the pulse? It’s clearly beating in the futures pit.
#crypto #Bitcoin #Ethereum #trading #derivatives #marketcycle #CryptoFriture
Disclaimer: This content is for informational purposes only and not financial advice.