CryptoQuant analyst: Total ETH contract trading volume hits another record high this year.
TL;DR
Ethereum futures trading volume hit a record high in 2025, with Binance seeing over $6.74 trillion, doubling 2024's record. A spot-to-futures ratio of 0.2 indicates extreme speculation, driving volatile price movements and a narrow all-time high.
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According to an article by CryptoQuant analyst Darkfost, as reported by Odaily, Ethereum futures trading volume this year far exceeds previous years. Taking Binance as an example, Ethereum futures trading volume exceeded $6.74 trillion over the past year, almost double that of 2024, which already set a record. Therefore, it can be said that Ethereum is one of the most traded assets in the global derivatives market in 2025, highlighting the strong speculative demand.
Over the past year, the spot-to-futures ratio has been approximately 0.2, meaning that for every $1 invested in ETH on the Binance spot market, nearly $5 was invested in futures contracts. This ratio is characteristic of a highly leveraged market, reflecting extreme speculation surrounding Ethereum in 2025. Record trading volume coupled with such an unbalanced ratio suggests that futures have largely determined Ethereum's price movements.
As a result, Ethereum's price volatility this year has been amplified, disorderly, and highly dependent on liquidations, ultimately leading to it reaching an all-time high by a mere few dollars.