Futures trading volume drops to 18-month low: The truth behind the cooling Bitcoin market

December brings a chill to the Bitcoin futures market. According to CryptoQuant data, the trading volume on centralized exchanges’ futures has fallen to $1.09 trillion, hitting a new low since June 2024, and more than halving from the peak of $2.52 trillion in December 2024. This figure is even lower than in September, which was originally seen as the softest period for 2025 performance.

Trading Landscape Remains Stable, But Enthusiasm Has Significantly Waned

In terms of exchange competition, the market leadership remains unchanged. Binance maintains an absolute advantage with $4,432.8 billion in trading volume, far surpassing other platforms and accounting for over 40% of total futures trading volume. OKX and Bybit recorded $1,930.8 billion and $1,845 billion respectively, while Bitget reached $809.2 billion. Data shows that although exchange rankings remain relatively stable, overall trading activity on each platform is clearly declining.

Reduced Volatility, Investors’ Strategies Quietly Shift

The fundamental reason for the declining trading volume points to a simple fact: lack of price volatility. In the last quarter of 2025, Bitcoin’s trend has been relatively stable, directly cooling the enthusiasm of futures traders. The high-risk derivatives contracts have become significantly less attractive to traders, causing some liquidity to quietly shift to other markets.

Interestingly, the precious metals market in the second half of this year—especially gold and silver—has shown greater volatility than cryptocurrencies, attracting a surge of short-term capital. Many investors who were originally active in the futures market are now reassessing risk-reward ratios and seeking opportunities in alternative assets such as US stocks and precious metal futures.

Derivatives Market Cools Down, a New Normal Has Formed

Overall, participation in the cryptocurrency derivatives market is cooling significantly. While the market remains active, high-intensity trading has become a thing of the past. This shift among investors signals a deeper message: during periods of relatively stable prices, people are more inclined to reevaluate the appeal of crypto futures and look for investment strategies better aligned with the current market environment.