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According to a report by liquidation tracker CoinGlass, cryptocurrency derivatives trading hit roughly $85.7 trillion in 2025, an average of about $264 billion a day. That surge put derivatives back at the center of crypto activity and left a clear imprint on markets worldwide.

Market Concentration And Exchange Share

Binance handled roughly $25 trillion of that volume, or about 29% of global derivatives trading. OKX, Bybit and Bitget each posted between $8 trillion and $10 trillion, and the four of them together controlled about 62% of the market.

Based on reports, that level of concentration means a handful of platforms still drive most of the action, and any major hiccup at one of them can ripple through other venues fast.

Crypto: Institutional Pathways Expanded

Trading moved beyond retail bets. Spot ETFs listed in the US, options desks and compliant futures helped mainstream venues such as the Chicago Mercantile Exchange gain ground. The CME had already overtaken Binance in Bitcoin futures open interest in 2024, and it consolidated that position through 2025.

More institutions started using derivatives for hedging and basis trades rather than pure speculation. That change pushed pricing patterns to look more like traditional markets, even as new risks built up under the surface.

Open Interest And Market Swings

Open interest began the year near a low of about $87 billion after a broad round of deleveraging in the first quarter. It then climbed through the middle of the year and reached a record $236 billion on October 7.

An abrupt reset in early Q4 wiped out more than $70 billion in positions — roughly one-third of the open interest at the time. Even after that shock, year-end open interest stood at $145 billion, a 17% rise from where the year began.

Bitcoin Price Action

Meanwhile, Bitcoin’s price has yet to breach the $90k level, trading at $89,950 at the time of writing. US-listed spot Bitcoin ETFs, on the other hand, recorded net outflows, weakening what some had called the institutional bid. A record-sized Bitcoin options expiry landed on Friday, Dec 26, and several analysts argued it kept price pinned in a tighter band — at least for a while.

Sentiment gauges stayed on the gloomy side, with many investors showing caution despite broader product access and more regulated routes to trade.

Forced Liquidations

Total forced liquidations across the year were estimated at about $150 billion. A big portion of the pain came on Oct. 10 and Oct. 11, when more than $19 billion was erased in just two days.

The data for 2025 shows a market that has grown in size and in institutional involvement, while also carrying structural tensions. Trading volumes and product variety have increased, but so have the paths that can transmit shocks.

Featured image from FXLeaders, chart from TradingView

Крупнейший российский госбанк Сбер сообщил, что выдал майнинговой компании АО «Интелион дата» кредит, обеспеченный криптовалютой.

Сооснователь и бывший директор криптобиржи BitMEX Артур Хейс (Arthur Hayes) заявил, что в 2026 году биткоин может достигнуть $750 000. Причина — экономическая политика администрации президента США Дональда Трампа.

Сооснователь и владелец контрольного пакета акций крупнейшей по объему торгов криптобиржи Binance Чанпэн Чжао (Changpeng Zhao) предложил два способа борьбы против мошенничества с подменой адресов криптокошельков.

Changpeng “CZ” Zhao pushed back after a screenshot showing bitcoin at roughly $24,111 on Binance went viral on X, arguing the move was a microstructure glitch on a thin, newly listed BTC/USD1 pair rather than a broader market crash and that the exchange itself “is NOT involved in trades.”

Did Bitcoin Really Crash To $24,000?

The sharp wick appeared isolated to BTC/USD1, a market quoted in USD1, a stablecoin launched by Trump family-backed World Liberty Financial. Within seconds, the pair snapped back toward prevailing bitcoin prices above $87,000, according to exchange data cited by traders sharing the screenshot.

CZ’s explanation was straightforward: on an illiquid order book, a single aggressive order can print an extreme price before arbitrage closes the gap. “This actually shows the exchange is NOT involved in trades. Low liquidity on new pairs means one large market order can spike prices, but arbitrageurs quickly corrected it. No liquidations occurred, as this pair isn’t included in any index.”

The Binance founder shared a breakdown from Head of Business Development of Solv Protocol Catherine Chan who said the move was “a liquidity event,” not a bitcoin collapse. She tied the dislocation to a Binance-and-USD1 promotion offering a 20% fixed APY deposit deal that, she claimed, pushed users to swap USDT into USD1 and briefly drove USD1 to a premium.

“Many users swapped USDT → USD1, pushing USD1 to a 0.39% premium: huge for a stablecoin. Smart money borrowed USD1 on @lista_dao against SolvBTC or SolvBTC-BTCB smart lending markets (~0.5% APY). They either deposited USD1 directly or sold it slowly on spot to meet demand. Then someone thought: ‘Why not just sell via BTC/USD1?’ They used a market order. Problem: BTC/USD1 has very thin liquidity. That market order wiped out most buy orders, briefly causing a very low price,” Catherine explained.

“Arbitrage bots instantly bought it back,” she wrote. “No fundamentals changed. No mass liquidations.”

The episode also picked up a familiar edge of crypto paranoia. One user, Bera (@doomsdart), framed it as a coordinated signal: “Cz and Trump family are telling us what they’re gonna do to our coins. Get ready.” CZ’s reply, by contrast, suggested the opposite — that the speed of arbitrage, and the absence of cascading liquidations, is evidence the venue wasn’t “printing” a market-wide price at all.

For traders, the takeaway is less dramatic than the screenshot implied, but still relevant: new quote-asset pairs can be structurally fragile, and promotions that rapidly concentrate flow into a single stablecoin can leave unusually thin order books in their wake. In that kind of market, a single market order can create a headline before it creates a trend.

At press time, Bitcoin traded at $89,298.

Сотрудники УФСБ и полиции ликвидировали незаконную ферму для майнинга, причинившую ущерб в 5 млн рублей Приаргунскому производственному горно-химическому объединению (ППГХО) имени Е. П. Славского.

Завершился суд над бывшим транспортным полицейским, который в 2022 году взял у задержанных телефоны и перевел себе биткоины на сумму 20 млн рублей. Он получил семь лет колонии.

Разработчики популярного криптовалютного кошелька Trust Wallet подтвердили взлом одной из версий браузерного расширения. По данным блокчейн-детектива ZachXBT, потери пользователей превысили $6 млн.

Индийское управление по борьбе с отмыванием доходов, полученных преступным путем (ED), провело десятки обысков в штатах Карнатака, Махараштра и Дели, в связи с расследованием мошеннического криптопроекта, действующего с 2015 года.

US-listed spot Bitcoin ETFs have shown net outflows in recent days, and that pull of money has added pressure to a market already under strain. According to CoinMarketCap, Bitcoin traded around $88,750 at the time of recent reports, down about 27% from its all-time high of $125,100 hit on Oct. 5.

Reports have disclosed that a record-sized Bitcoin options expiry landed on Friday, Dec. 26, and several analysts say that event effectively “pinned” price into a narrow range — at least until volatility returns.

Market Flows And Options Pressure

According to multiple sources, outflows from major spot ETFs removed a key support for price that helped push Bitcoin higher earlier this year. The Crypto Fear & Greed Index has been in “Extreme Fear” since Dec. 12, which shows how fragile sentiment remains despite product and policy gains.

Options expiries of this size can concentrate bets and push price toward strike clusters. When those contracts roll off, the market often needs a new catalyst to move beyond the band it’s been stuck in.

Strong Fundamentals

Executives managing large Bitcoin treasuries argue fundamentals are solid even as price drops. Strategy CEO Phong Le told a podcast that the market’s long-term picture looks strong and that short-term moves “do what they do.”

“The fundamentals of the market for Bitcoin couldn’t be better this year,” Le said, pointing out that he doesn’t care too much about its short-term performance.

Reports note that Strategy’s market value relative to its Bitcoin holdings, mNAV, has fallen below 1 and sits at 0.93 according to Saylor Tracker. The company’s balance shows 671,268 Bitcoin, with an estimated value of about $58 billion. Those figures underline how a decline in spot price can quickly reshape the math for firms that hold Bitcoin on their books.

Traditional Banks Trying To Catch Up

Le and Strategy’s executive chairman Michael Saylor have been meeting with banks across the US and the UAE, based on his comments, as institutions seek how to adjust to growing client demand and new product types.

According to reports, Galaxy Digital researcher Alex Thorn had said earlier in the year there was a “strong chance” the US government would signal a formal reserve move. US President Donald Trump signed an executive order in March establishing a Strategic Bitcoin Reserve and a US Digital Asset Stockpile, although a fully detailed plan has not been released.

Policy Signals And Market Reaction

Policy support is a clear positive, yet markets do not always respond immediately to regulatory shifts. Signals can lower legal risk and widen access, but they do not always create instant buying. The mNAV reading below 1, plus ETF outflows and a fear reading stuck at “Extreme Fear,” shows there is skepticism about when that demand will arrive. Some players remain methodical, building dollar and Bitcoin treasuries and relying on model-based rules rather than emotion.

Based on reports and market indicators, the picture is mixed. Long-term commitments from firms and clearer policy language point to stronger structural backing. At the same time, short-term flows, options dynamics, and entrenched fear mean price can stay volatile and range-bound. Investors watching both the fund flows and policy calendar will likely decide which signal matters more next.

Featured image from World, chart from TradingView

XRP’s price has spent recent weeks moving without a clear directional breakout. The price action has been mostly bearish, but activity beneath the surface is telling a more interesting story. 

On-chain data shows XRP leaving Binance at a rapid pace, pushing the exchange’s reserves down to around 2.66 billion XRP, the lowest level recorded this year. This movement has garnered the interest of market participants because it is not reflective of the current price action of XRP. Insights from market commentator Stellar Rippler on X help explain why investors should pay attention to the netflows.

XRP Leaving Binance Means Positioning, Not Panic

Exchange netflows often give a clearer picture of market intent than short-term price movements. When reserves drop consistently, it usually reflects strategic decisions by holders. This month, XRP’s netflows are flashing signals that are worth watching closely. 

The steady decline in Binance’s XRP reserves points to deliberate withdrawals instead of emotional reactions. According to commentary shared on X by Stellar Rippler, this type of movement does not correspond with retail panic selling. 

Retail-based fear typically shows up as sudden deposits to exchanges as traders rush to exit positions. What the data shows instead is a controlled and sustained reduction in available exchange liquidity.

This pattern points to holders choosing custody outside exchanges, a behavior commonly associated with long-term allocations. Crypto history has shown that prolonged exchange outflows often occur when investors are confident in long-term demand, not when they anticipate a prolonged downward price action. 

You don’t drain liquidity before bad news. In this context, XRP’s exchange netflows suggest preparation, not speculation.

Why Falling Binance Reserves Matter For Market Structure

Binance is the largest crypto exchange in the world, meaning its XRP reserves represent the most readily available supply for a large portion of active traders. As more and more XRP continues to leave the exchange, the amount of XRP immediately available for spot trading keeps shrinking, gradually tightening liquidity even though the price has not reacted yet. 

Speaking of price not reacting, XRP’s price action has struggled over the past few weeks, repeatedly failing to hold above the $2.00 price level and spending most of the period trading lower around the $1.80 to $1.95 range. Despite this, the data shows that the weak price performance is largely due to broader market outflows across every crypto, not a surge in XRP-specific selling. 

The outflows in XRP exchange reserves are more meaningful when viewed alongside the steady inflows into Spot XRP ETFs, which are yet to record a day of net outflows since their launch. Those ETF inflows suggest institutional demand is increasing under the surface, even though it has so far been outweighed by capital leaving the wider crypto market.

Data shows Bitcoin has seen a shift in Correlation, with the cryptocurrency now being independent of Nasdaq and negatively correlated to Gold.

Bitcoin Correlation To Nasdaq & Gold Has Changed Recently

In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Correlation that Bitcoin has to the Nasdaq and Gold. The “Correlation” here refers to an indicator that basically tells us about how tied together the prices of any two given assets are.

When the value of the metric is positive, it means the price of one asset is responding to movements in the other by moving in the same direction. The closer the value is to 1, the stronger this relationship is.

On the other hand, the indicator being under the zero mark suggests a negative correlation exists between the assets. That is, the two are going in the opposite directions. The extreme level for this region lies at -1. A third case also exists for the metric, where its value becomes exactly equal to zero. When this happens, the prices don’t hold any relationship with each other whatsoever. In statistics, the variables are said to be “independent” under this condition.

Now, here is the chart shared by Maartunn that shows the trend in the Bitcoin Correlation to Nasdaq and Gold over the last few years:

As displayed in the above graph, the Bitcoin Correlation indicator was at notable positive levels for both Nasdaq and Gold in mid-2025, implying the cryptocurrency was strongly bound to traditional markets. As the year went on, however, a shift began to take shape, with the indicator declining for both assets. Today, the metric is sitting at a nearly neutral level for Nasdaq, a sign that Bitcoin is now trading independently from the US stock market.

The story is a bit different when it comes to Gold, however, as the Correlation has actually plummeted into the negative territory. With an indicator value of about -0.5, BTC can be considered to have a significant inverse relationship to Gold. Bitcoin is popularly thought of as the digital analogue to Gold’s “safe haven,” but given the latest Correlation, the cryptocurrency doesn’t appear to be behaving like one right now.

“BTC is no longer trading like a tech stock or a safe haven,” noted the analyst. “It’s carving out its own market regime.” It now remains to be seen whether the new Correlation behavior will maintain or if the cryptocurrency will face another shift soon.

BTC Price

Bitcoin has been consolidating sideways since its decline at the start of the week as its price is still trading around $87,500.

According to data from Farside Investors, institutional money flowed out of US spot Bitcoin ETFs right through the last full trading day before Christmas.

Net outflows on Christmas Eve reached a little over $175 million. That was part of a string of weak sessions: total net outflows for the prior five trading days added close to $826 million. Since December 15, every trading day closed with net selling except December 17, which drew inflows of $457 million.

Institutional Outflows

Market participants pointed to routine year-end moves as a major factor. Reports have disclosed that tax-loss harvesting — where traders sell positions to realize losses for tax purposes — has been heavy this month.

One trader on X, using the name Alek, said most selling is tied to tax reasons and may fade within a week. Traders also flagged a record options expiry on Friday as a force that can sap appetite for risk ahead of large settlements.

Pressure In US Trading Hours

Data showed downside was strongest during US trading sessions. The Coinbase Premium — a measure comparing Coinbase’s BTC/USD price to Binance’s BTC/USDT — spent much of December below zero, signaling weaker buying in the US market.

Crypto analyst Ted Pillows summed up the flow pattern, saying the US had become the biggest seller while Asia played the role of the main buyer. That split can limit how high Bitcoin holds during rallies if US demand doesn’t return.

Liquidity Inactive

Other traders contend that negative ETF flow numbers don’t mean the cycle is over. Based on reports shared on social channels, the path back usually goes price first, flows then.

Price finds a base and then flows flatten, before fresh inflows appear. In this view, current liquidity looks inactive rather than broken. That leaves room for a bounce once seasonal selling subsides.

Since early November, the 30-day moving average of US spot ETF net flows has stayed negative for both Bitcoin and Ethereum.

This means that, on average, more capital has been leaving these ETFs than entering them for several weeks in a row.

This is important because ETFs are… pic.twitter.com/qR1bMQNqxe

— BitBull (@AkaBull_) December 24, 2025

On-Chain Signals

On-chain metrics offer some comfort. Long-term holders are not rushing to sell at once. Realized gains show some profit-taking, but not the kind of extreme that marks a terminal peak. That pattern fits the idea that selling is being absorbed by other hands. If selling is near exhaustion, larger buyers could step in when ETFs turn neutral or positive.

Outlook For The Coming Months

Investors will watch ETF flows closely after the holidays. If flows move toward neutral, price could stabilize and then climb without needing huge new demand. The mix of tax selling and options-related positioning suggests some of the current weakness may be temporary. Still, traders should expect choppy moves while US buyers remain sidelined.

Featured image from Pexels, chart from TradingView

A crypto analyst has raised concerns about XRP’s underperformance, citing the cryptocurrency’s prolonged consolidation at lower price levels and its failure to reclaim former highs. Despite these struggles, the analyst notes that the altcoin is still positioned around its best potential recovery level since 2022. He suggests that the cryptocurrency could be on the verge of a price rally, potentially paving the way for a recovery to new levels. 

XRP Approaches Strongest Recovery Zone Since 2022

Skipper, a crypto market expert on X, has released a new XRP update outlining the cryptocurrency’s potential recovery. He stated that the token has struggled in recent weeks, remaining stuck in a prolonged slump, marked by low trading activity and minimal price movement. Despite this sluggish performance, the analyst highlighted that the altcoin is now near its best potential recovery level since 2022.

Skipper explained that the most significant factor supporting this recovery potential is the decline in bubble risk. According to his chart analysis, XRP’s bubble risk is now at one of its lowest points in years, indicating that excessive speculation and risky bets have largely been removed from the market. He stated that this cleanup makes a sudden price crash far less likely and establishes a more stable foundation for a recovery. 

The analyst made it clear that a low bubble risk does not guarantee an immediate price rally for XRP. Instead, he explained that this low-risk environment often creates the ideal conditions for a market bottom to form.

Skipper also commented on its current dynamics, highlighting that conditions currently favor buyers waiting on the sidelines, as sellers are not aggressively driving prices lower. The analyst referenced historical performance, noting that the altcoin has often delivered stronger returns following extended periods of quiet price action. 

Another key point highlighted by the analyst is that when fewer traders are actively committed to XRP, price action becomes more responsive to positive developments. Under such conditions, factors such as improved liquidity or heightened network usage can exert a stronger influence on XRP, increasing its potential for a recovery. 

The analyst further stressed that a low bubble risk should not be confused with a promise of short-term gains. He stated that a surge should not be expected tomorrow or next week. However, he highlighted that the cryptocurrency is no longer sitting in a danger zone. 

Analyst Sets XRP Next Upside Target At $2.58

In another XRP update, market analyst Crypto King has stated that the cryptocurrency is holding firm above a critical support area around $1.85. He emphasized that a strong bounce at this support and a reclaim of the $1.98 level would signal a momentum shift for XRP. 

If the cryptocurrency breaks above this level, Crypto King predicts its next upside target is $2.58, which aligns with the Resistance 1 level on the price chart. Should bullish momentum persist, the analyst believes this could open the door to a powerful rally toward $3.18 at Resistance 2, followed by $3.66 at Resistance 3. 

It’s the holiday season, and Bitcoin (BTC) is trading downwards after plunging toward the $87,000 region. Although the cryptocurrency has struggled for months, failing to reclaim key resistance levels, a crypto analyst believes Bitcoin could still stage a major Christmas rally. As the analyst outlines a potential roadmap for this projected upswing, he cautions that a further price crash to $80,000, or even lower, remains a strong possibility. 

Bitcoin Risks Crash To $80,000

Crypto analyst RBswingtrader shared a Bitcoin market outlook on X the day before Christmas, outlining multiple scenarios that could determine whether the cryptocurrency resumes an upward trend or faces further downside. The analyst noted that smart money is currently buying Bitcoin in a new zone and also cautioned that a final price crash, potentially driven by market manipulation, could occur before a trend reversal. 

According to his analysis, Bitcoin could still decline to a fresh local low around $80,000 before strong buyers enter the market. The analyst stressed the importance of patience, viewing this potential dip as part of a broader accumulation strategy. 

He shared a chart highlighting BTC trading under a declining orange Moving Average (MA) after a sharp selloff from the $108,519 resistance zone.  The analyst noted that the cryptocurrency’s price had previously failed at the upper range and rolled over into a strong downtrend that has persisted for weeks. 

RBswingtrader further pinpointed a clear Elliott Wave structure on the BTC chart, with waves labeled from one through five, followed by an ABC corrective pattern. Wave 3 accelerated Bitcoin’s selloff, while Wave 5 appears to be developing, with downside targets still open. Multiple key support levels were also highlighted, including $87,106, $86,169, and $83,986. 

The analyst warned that a deeper breakdown from these support levels could open the door to a potential crash toward $80,427, with an extended lower target near $74,185 if Bitcoin’s selling pressure intensifies. He also plotted multiple Fibonacci retracement levels that align with the lower support zones for the BTC price.  

Notably, the volume data at the bottom of the chart indicates a large accumulation trend through December. Increased trading activity supports the view that large players are taking advantage of dips and building positions despite Bitcoin’s weak price action. 

Is A Christmas Rally Still Possible For BTC?

In RBswingtrader’s chart, a potential Christmas rally for Bitcoin was illustrated with an upward projection targeting the $108,519 region if the price recovers from its current lows. The chart indicated that growing accumulation volume this December and the Bullish Divergence in the Relative Strength Index (RSI) could support upward momentum. 

RBswingtrader also noted that reclaiming key technical levels, including the 0.5 Fibonacci Retracement near $96,690-$96,836, could support Bitcoin’s potential upward move. At the time of writing, the leading cryptocurrency is trading around $87,669. 

Власти США хотели бы добывать криптовалюту, используя энергию Запорожской атомной электростанции, сообщил на закрытой встрече с бизнесменами президент России Владимир Путин. О содержании разговора газете «Коммерсантъ» рассказали участники встречи, в том числе глава Российского союза промышленников и предпринимателей Александр Шохин.

The Bitcoin and Ethereum prices are crashing again, with the crypto market failing to record a ‘Santa rally’ like other major assets. This comes as BTC and ETH continue to face significant selling pressure from the crypto ETFs, which are facing sustained outflows. 

Why The Bitcoin And Ethereum Prices Are Crashing

The Bitcoin and Ethereum prices are down again amid selling pressure from the BTC and ETH ETFs. According to Arkham data, BlackRock deposited 2,292 BTC ($200 million) and 9,976 ETH ($29 million) into Coinbase yesterday, likely to sell these coins. This marked the second time this week that the world’s largest asset manager had sent BTC and ETH to Coinbase in a bid to offload these coins. 

Further data from Arkham shows that BlackRock deposited 2,838.78 Bitcoin ($255 million) and 29,928 Ethereum ($91.29 million) into Coinbase on December 22. These sell-offs come as the crypto ETFs continue to record significant outflows. The BTC ETFs have seen a total net outflow of $330 million this week, while the ETH ETFs have a weekly net outflow of $11 million. 

This indicates that the institutional interest in Bitcoin and Ethereum is fading at the moment, which provides a bearish outlook for the largest crypto assets by market cap. A CoinShares report released earlier this week revealed that Bitcoin ETFs saw outflows of $460 million last week, while Ethereum ETPs saw outflows of $555 million. 

From a macro perspective, the Bitcoin and Ethereum prices have also continued to decline as the Fed looks unlikely to cut interest rates at the January FOMC meeting. The recent U.S. GDP and jobless claims reports have sparked a surge in the odds that the Fed will hold rates steady next month. 

The Bear Market Risk Is Becoming More Relevant

A CryptoQuant analysis revealed that the bear market risk is becoming more relevant based on the Bitcoin Combined Market Index (BCMI). The BCMI is said to be below equilibrium at the moment but well above historical bottom zones. This suggests that there is still more room for the BTC price to drop to the downside.  

The CryptoQuant analysis stated that from a data-driven perspective, this opens the possibility that Bitcoin is transitioning into a bear phase and not just experiencing a pullback. If history repeats itself, BTC is expected to form a more durable bottom if the BCMI revisits the 2019 to 2023 levels. The analysis added that this is a scenario worth considering, as at this stage, the market appears to be in a downward transition rather than a completed reset. 

Related Reading: Major Ethereum Metric Just Hit A New All-Time High – Can Price Reclaim $3,000?

At the time of writing, the Bitcoin price is trading at around $87,700, down in the last 24 hours, according to data from CoinMarketCap.

A new report from CoinGlass has shed light on the annual numbers related to the crypto derivatives market for the year 2025.

Crypto Averaged $400 To $500 Million Liquidations Every Day

CoinGlass has released a new annual crypto derivatives market report, carrying insights about how the sector changed in 2025. When it comes to the derivatives market, one thing that stood out in the year was the infamous liquidation squeeze that occurred back in October.

The massive liquidation event occurred on October 10th, as Bitcoin crashed just a few days after setting a new all-time high (ATH) above $126,000. The combined short and long derivatives flush hit the $19 billion mark alongside the volatility, which is the largest single-day liquidation squeeze in the sector’s history.

Below is a chart that shows all the liquidation events of 2025, putting into perspective just how big the October 10th round was.

In total, the nominal value of crypto liquidations exceeded the $150 billion mark in the year, implying an average of $400 to $500 million liquidations occurred every day.

Many of these liquidation events had limited impact on the market structure, however, as the report explained:

On the vast majority of trading days, the scale of long/short liquidations remained within the range of tens to hundreds of millions of dollars, primarily reflecting daily margin adjustments and the clearing of short-term positions in a high-leverage environment.

Naturally, among the events that did have effects beyond the short-term, the clearest example was the October 10th deleveraging. The actual scale of this event may have been even larger than $19 billion, as CoinGlass noted:

When factoring in the disclosure timing of certain platforms and feedback from market makers, the actual nominal liquidation scale likely approached $30–40 billion, representing a multiple of the second-highest event in the previous cycle.

Longs were the party affected the most by the derivatives squeeze, with approximately 85% to 90% of the positions involved in the event being bullish crypto bets.

The derivatives trading volume on the centralized exchanges also responded to the volatility, assuming a value significantly above the average.

From the above chart, it’s visible that the crypto derivatives volume surged to $748.3 billion alongside the October 10th deleveraging, nearly three times the average of $264.5 billion for the year.

Unlike the liquidation map, though, where October 10th stands out as the clear spike, there were other big spikes in the volume throughout 2025 that broke above the average (represented by the dashed orange line). “This reflects that during phases of market acceleration, derivatives have become the core battlefield for price discovery and leveraged speculation,” said the report.

In total, 2025 saw a whopping $85.70 trillion in crypto derivatives trading volume.

Bitcoin Price

At the time of writing, Bitcoin is trading around $88,200, up over 2% in the last week.

Evernorth’s decision to build one of the largest known XRP treasuries has become one of the most closely watched institutional crypto experiments of 2025. What began as a high-conviction accumulation strategy has since evolved into a stress test of timing, volatility management, and long-term positioning in a market that has repeatedly punished short-term optimism.

A High-Conviction XRP Treasury Meets Market Reality

Evernorth accumulated approximately 388.7 million XRP between late October and late December 2025, deploying capital aggressively as XRP traded in a strong uptrend. At its peak, the position was valued at roughly $947 million and briefly generated a gain of about $71 million. This early performance reinforced the thesis that institutional-scale XRP exposure could deliver meaningful upside if market momentum held.

However, that momentum did not persist. As XRP’s price slid from the $2.60 region toward the $1.80 range, Evernorth’s treasury position moved decisively below its aggregate cost basis. What was once a profitable allocation quickly turned into a substantial unrealized drawdown. By late December, the paper loss had expanded to roughly $220–225 million, according to on-chain and price-based estimates.

Importantly, this outcome was not driven by forced selling or liquidation. The losses remain unrealized, meaning Evernorth has not exited its position. Instead, the situation reflects a classic mark-to-market recalibration, where exposure size and price volatility intersect unfavorably. Moreover, a chart shared by market watcher JA_Maartun in relation to Evernorth’s treasury illustrates a clear progression, with early profit zones giving way to sustained loss territory as XRP’s price trend weakened over time.

What Evernorth’s Performance Signals For Institutional Strategy

Beyond the headline loss figure, Evernorth’s 2025 performance highlights several structural realities about institutional crypto exposure. First, concentration risk is non-trivial. A treasury strategy centered on a single volatile asset amplifies sensitivity to short- and medium-term price swings, regardless of long-term conviction. Even disciplined accumulation can be undermined by unfavorable macro and market timing.

Second, Evernorth’s experience underscores the disconnect that can exist between price action and broader institutional interest. While the altcoin’s spot price declined, XRP-linked exchange-traded products reportedly continued to attract steady inflows, pushing total ETF-held XRP value to around $1.25 billion. This divergence suggests that some institutional participants are expressing exposure through structured vehicles rather than direct balance-sheet holdings, potentially mitigating volatility risk.

In practical terms, Evernorth’s XRP treasury has so far delivered a sobering outcome in 2025: large-scale exposure, significant paper losses, and heightened scrutiny. Yet, the case reframes how success and failure are measured in crypto treasury strategies. The current unrealized loss does not automatically invalidate the strategy, but it does reset expectations. The ability to withstand prolonged drawdowns without triggering exits will determine whether this treasury move is remembered as a misstep or a long-duration bet that simply endured early turbulence.

The Ethereum (ETH) network is gearing up for a key year ahead, with significant upgrades in the pipeline that promise to enhance its functionality and efficiency. Among the most anticipated updates are the Glamsterdam and Hegota forks, which are integral to the developers’ roadmap for the Ethereum ecosystem.

Key Decisions Ahead For Ethereum’s Hegota Fork

Hegota aligns with Ethereum’s newly established upgrade schedule, which aims to facilitate smoother, incremental updates twice a year. 

Hegota is distinctive as it effectively merges two critical components of Ethereum’s architecture: the execution layer, known as “Bogota,” and the consensus layer called “Heze.” 

A pivotal decision for the Hegota update is selecting the key feature that will take center stage. Developers are expected to make this choice in early 2026, and front-runners such as Verkle Trees and state/history expiry are currently under consideration. 

While these terms may seem technical, they focus on a pressing issue: Ethereum’s data storage is becoming excessively large and resource-intensive.

The continuous influx of transactions, non-fungible token (NFT) mints, decentralized finance (DeFi) trades, and memecoins has contributed to Ethereum’s “state,” which is the live database maintained by nodes. 

During a recent call discussing the urgency for Hegota, the need for action became clear. As ETH approaches its target of 180 million gas by late 2026, the current Merkle Patricia tree structure will struggle to support the network’s demands. 

The Path Forward

The integration of Verkle Trees is not merely a desirable enhancement; it is essential for maintaining viable solo staking as Ethereum’s throughput is expected to triple.

The implementation of Verkle Trees and mechanisms for state/history expiry aim to compress or archive older data, preventing the city hall from collapsing under the weight of paperwork. 

Reports suggest that if developers can execute these changes effectively, Ethereum will become more streamlined and better suited for an influx of new users in DeFi, NFTs, and gaming applications.

Following Glamsterdam, which will address features such as proposer-builder separation (ePBS), access lists, and gas repricing, Hegota will further refine Ethereum’s data storage systems instead of starting the fee structure from scratch. 

Featured image from DALL-E, chart from TradingView.com