Ethereum Contract Trading Volume Hits Record High This Year, Excessive Leverage Speculation Leads to Price Below Expectations

According to CryptoQuant analyst Darkfost, Ethereum contract trading volume this year far exceeds previous years. For example, on Binance, Ethereum futures trading volume has surpassed $6.74 trillion in the past year, nearly double that of 2024, which already set a historical record. Therefore, Ethereum can be considered one of the largest assets in the global derivatives market in 2025, highlighting the strong speculative demand. Over the past year, the ratio of spot to futures is about 0.2, meaning that for every $1 invested in ETH on the Binance spot market, nearly $5 is put into futures contracts. This ratio is a characteristic of a market highly dependent on leverage, reflecting extreme speculation on Ethereum in 2025. The record trading volume combined with such an unbalanced ratio indicates that futures largely determine Ethereum's price trends. As a result, Ethereum's price fluctuations this year have often been amplified, disorderly, and highly dependent on liquidation, ultimately leading to its historical high with only a slight advantage of a few dollars.

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