Bitcoin’s market structure this year has shifted away from actual buying and toward leveraged speculation. With futures volume 13 times larger than spot, price moves are no longer grounded in liquidity.
Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January
05/08/2025 14:16
The Bitcoin market has shifted toward leverage, with derivatives now accounting for over 96% of daily trading volume.
Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January 24 seconds ago · 2 min read
Leverage dominates Bitcoin’s tape in 2025, with futures driving volume and direction.
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