BlockBeats News, December 27, According to CryptoQuant analyst Darkfost, Ethereum contract trading volume this year far exceeds previous years’ levels. Taking Binance as an example, over the past year, Ethereum futures trading volume has exceeded $6.74 trillion, nearly double that of 2024, which itself had already set a historical record. Thus, it can be said that Ethereum is one of the assets with the highest trading volume in the global derivatives market in 2025, highlighting the strength of speculative demand.
Over the past year, the spot-to-futures ratio has been approximately 0.2, meaning that for every $1 invested in buying ETH on Binance’s spot market, nearly $5 is allocated to futures contracts. This ratio is characteristic of markets highly reliant on leverage, reflecting extreme speculation on Ethereum in 2025. Record trading volume combined with such an imbalanced ratio indicates that futures largely dictate Ethereum’s price movements.
Consequently, Ethereum’s price volatility this year has often been amplified, disorderly, and highly dependent on liquidations, ultimately leading to it setting a new all-time high by only a few dollars.
