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Ethereum Hits All-Time High in Contract Transaction Volume This Year, Overleveraged Speculation Causes Price to Underperform

2025.12.27 09:44:20

On December 27, CryptoQuant analyst Darkfost noted that Ethereum’s contract trading volume this year has far outpaced previous years. For example, Binance’s Ethereum futures trading volume hit over $6.74 trillion in the past year—nearly double 2024’s figure, which already set a record. This makes Ethereum one of the largest assets in the 2025 global derivatives market by trading volume, underscoring strong speculative demand. Over the past year, Binance’s spot-to-futures ratio for ETH has hovered around 0.2: for every $1 invested in ETH spot, nearly $5 went into futures contracts. This ratio signals a market heavily reliant on leverage, reflecting extreme speculation around Ethereum in 2025. The record trading volume paired with this unbalanced ratio means futures largely drive ETH’s price trends. As a result, Ethereum’s price fluctuations this year have often been amplified, volatile, and closely tied to liquidations—ultimately pushing it to a new all-time high by just a few dollars.
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