CryptoQuant Analyst: Ethereum's contract trading volume hits record high this year

CryptoQuant analyst Darkfost stated that this year the trading volume of Ethereum contracts has far exceeded previous years' levels.

Taking Binance as an example, over the past year, the trading volume of Ethereum futures has surpassed $6.74 trillion, nearly double that of 2024, which has already set a historical record. Therefore, it can be said that Ethereum is one of the largest assets in the global derivatives market by trading volume in 2025, highlighting the strength of speculative demand. Over the past year, the ratio of spot to futures has been about 0.2, meaning that for every $1 invested in purchasing ETH on the Binance spot market, nearly $5 has been put into futures contracts. This ratio is characteristic of a market that is highly reliant on leverage, reflecting extreme speculation on Ethereum in 2025. The record trading volume, combined with such an imbalanced ratio, indicates that futures largely determine the price movements of Ethereum. As a result, Ethereum's price fluctuations this year have often been amplified, chaotic, and highly dependent on liquidations, ultimately leading to it setting a historical high by only a few dollars.