ChainCatcher news, CryptoQuant analyst Darkfost posted that Ethereum contract trading volume this year far exceeds previous annual levels.
Taking Binance as an example, over the past year, Ethereum futures trading volume surpassed 6.74 trillion USD, nearly double that of 2024, which had already set a historical record. Thus, it can be said that Ethereum is one of the assets with the largest trading volume in the global derivatives market in 2025, highlighting the strength of speculative demand. In the past year, the spot-to-futures ratio was approximately 0.2, meaning that for every 1 USD invested in ETH on the Binance spot market, nearly 5 USD was allocated to futures contracts. This ratio is characteristic of markets highly reliant on leverage, reflecting extreme speculation on Ethereum in 2025. Record trading volume coupled with such an imbalanced ratio indicates that futures largely determine Ethereum’s price movements. Consequently, Ethereum’s price volatility this year tends to be amplified, disorderly, and highly dependent on liquidations, ultimately leading to it setting a new all-time high by only a narrow margin of a few dollars.
