Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January
Bitcoin’s market structure has shifted decisively toward leverage, with derivatives now overwhelmingly accounting for the majority of daily trading volume. Data from CryptoQuant showed that the derivatives market consistently comprised over 90% of Bitcoin’s total trading activity in 2025, pushing the average derivative-to-spot volume ratio to 13.2x YTD. This ratio peaked at 16.6× on May […]
Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January Read More »