2025 First Half Cryptocurrency Derivatives Market Report: Opportunities and Challenges Amid BTC's New Highs and Market Differentiation
In the first half of 2025, the global macro environment was turbulent, compounded by escalating geopolitical conflicts, yet the cryptocurrency derivatives market continued to show strong momentum, with BTC open interest reaching a new high, while ETH and altcoins performed weakly, resulting in a significant structural differentiation in the market.