Coinglass releases 2025 annual report on crypto derivatives market

Coinglass has released its 2025 annual report on the crypto derivatives market, with key findings summarized by on-chain analyst AmberCN. The report highlights that 2025 was the year of DATs, as these companies increased their BTC holdings from 600,000 at the start of the year to 1.05 million by November, accounting for about 5% of the total Bitcoin supply. Total trading volume in the crypto derivatives market reached approximately $85.7 trillion for the year, with a daily average of $264.5 billion. The total notional value of liquidated long and short positions amounted to $150 billion, with daily liquidations averaging between $400 million and $500 million, primarily concentrated in October and November. Among centralized exchanges, Binance, OKX, Bitget, Bybit, and Gate were ranked as the top five platforms. The report also noted significant growth in crypto prediction markets, which are expected to exceed $52 billion in cumulative trading volume, and a sharp rise in market interest for on-chain U.S. stock tokens within the RWA sector. Furthermore, decentralized derivatives are projected to move beyond the proof-of-concept phase to actively compete for market share.