{"id":3167,"date":"2026-01-22T13:18:02","date_gmt":"2026-01-22T13:18:02","guid":{"rendered":"https:\/\/pi42.com\/blog\/?p=3167"},"modified":"2026-01-22T13:18:02","modified_gmt":"2026-01-22T13:18:02","slug":"crypto-derivatives-market-2025-report","status":"publish","type":"post","link":"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/","title":{"rendered":"Crypto Derivatives Market 2025: CoinGlass Report Insights and the 2026 Takeaways"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-69e5c617e0fa5\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e5c617e0fa5\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#introduction\" >Introduction<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#why-2025-still-matters-in-2026\" >Why 2025 still matters in 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#market-overview-2025-was-a-high-beta-liquidity-trade\" >Market overview: 2025 was a high-beta liquidity trade<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#what-this-means-in-2026\" >What this means in 2026<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#macro-uncertainty-became-a-volatility-engine\" >Macro uncertainty became a volatility engine<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-implication\" >2026 implication<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#regulation-directional-convergence-divergent-pathways\" >Regulation: directional convergence, divergent pathways<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway\" >2026 takeaway<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#exchange-btc-reserves-destocking-and-the-liquidity-trap\" >Exchange BTC reserves: destocking and the liquidity trap<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#why-it-matters\" >Why it matters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-2\" >2026 takeaway<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#stablecoins-dats-and-rwas-settlement-meets-finance\" >Stablecoins, DATs, and RWAs: settlement meets finance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-3\" >2026 takeaway<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#centralized-derivatives-exchanges-in-2025-volume-open-interest-and-concentration\" >Centralized derivatives exchanges in 2025: volume, open interest, and concentration<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#cex-derivatives-trading-volume-857t-and-a-%e2%80%9clow-start-high-finish%e2%80%9d-year\" >CEX derivatives trading volume: $85.7T and a \u201clow start, high finish\u201d year<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#table-key-volume-stats-from-the-report\" >Table: Key volume stats from the report<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#market-share-a-concentrated-top-tier-and-the-platform-%e2%80%9cmatthew-effect%e2%80%9d\" >Market share: a concentrated top tier and the platform \u201cMatthew effect\u201d<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-4\" >2026 takeaway<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#open-interest-from-deleveraging-to-a-crowded-peak-then-a-violent-reset\" >Open interest: from deleveraging to a crowded peak, then a violent reset<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#table-oi-timeline-markers\" >Table: OI timeline markers<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#liquidity-depth-execution-capacity-concentrated-at-the-top\" >Liquidity depth: execution capacity concentrated at the top<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-5\" >2026 takeaway<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#user-asset-holdings-extreme-custody-concentration\" >User asset holdings: extreme custody concentration<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-6\" >2026 takeaway<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#liquidations-in-2025-when-risk-systems-were-truly-tested\" >Liquidations in 2025: when risk systems were truly tested<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#150b-nominal-forced-liquidations-and-one-defining-stress-window\" >$150B nominal forced liquidations and one defining stress window<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#oct-10%e2%80%9311-event-the-anatomy-of-a-liquidation-cascade\" >Oct 10\u201311 event: the anatomy of a liquidation cascade<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#why-this-matters-more-than-the-headline-number\" >Why this matters more than the headline number<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#uneven-outcomes-majors-vs-long-tail-assets\" >Uneven outcomes: majors vs long-tail assets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-the-%e2%80%9chidden-risk%e2%80%9d-is-portfolio-mutation\" >2026 takeaway: the \u201chidden risk\u201d is portfolio mutation<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#exchange-traded-derivatives-and-dat-where-institutionalization-concentrated\" >Exchange-traded derivatives and DAT: where institutionalization concentrated<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#cmes-structural-ascent-and-the-normalization-of-basis-trading\" >CME\u2019s structural ascent and the normalization of basis trading<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#spot-quoted-futures-and-the-next-step-volatility-products\" >Spot-quoted futures and the next step: volatility products<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-7\" >2026 takeaway<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#dat-the-corporate-balance-sheet-flywheel\" >DAT: the corporate balance-sheet flywheel<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-risk-shifts-from-token-price-to-financing-structure\" >2026 takeaway: risk shifts from token price to financing structure<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#options-market-volatility-pricing-power-shifts\" >Options market: volatility pricing power shifts<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-8\" >2026 takeaway<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#defi-derivatives-in-2025-perp-dex-goes-from-concept-to-market-share\" >DeFi derivatives in 2025: Perp DEX goes from concept to market share<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#perp-dex-explosive-growth-and-a-move-toward-multipolar-competition\" >Perp DEX: explosive growth and a move toward multipolar competition<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-41\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-9\" >2026 takeaway<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-42\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#prediction-markets-and-wallets-the-application-layer-matures\" >Prediction markets and wallets: the application layer matures<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-43\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2026-takeaway-10\" >2026 takeaway<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-44\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#what-this-report-means-for-traders-in-2026\" >What this report means for traders in 2026<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-45\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#1-market-structure-matters-as-much-as-direction\" >1) Market structure matters as much as direction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-46\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#2-tail-risk-is-amplified-by-complexity\" >2) Tail risk is amplified by complexity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-47\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#3-opportunities-exist-in-basis-and-compliant-tool-integration\" >3) Opportunities exist in basis and compliant tool integration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-48\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#4-the-next-competitive-edge-is-liquidation-resilience\" >4) The next competitive edge is liquidation resilience<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-49\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#india-snapshot-what-the-2025-derivatives-shift-looked-like-locally-and-why-it-matters-in-2026\" >India Snapshot: What the 2025 Derivatives Shift Looked Like Locally (and Why It Matters in 2026)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-50\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#india-market-signals-2025%e2%80%93early-2026\" >India market signals (2025\u2013early 2026)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-51\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#what-this-means-for-indian-derivatives-traders-in-2026\" >What this means for Indian derivatives traders in 2026<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-52\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#conclusion-2025-repriced-the-derivatives-world-2026-tests-the-plumbing\" >Conclusion: 2025 repriced the derivatives world, 2026 tests the plumbing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-53\" href=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/#disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"introduction\"><\/span><strong>Introduction <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"why-2025-still-matters-in-2026\"><\/span>Why 2025 still matters in 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>From a 2026 lens, <strong>2025 stands out as a structural watershed<\/strong> for crypto markets. The year wasn\u2019t just about a bull cycle. It marked a deeper transition: crypto assets moved further into the <strong>mainstream financial system<\/strong>, and the derivatives market evolved from a simpler, retail-leverage-driven arena into a <strong>multi-layered ecosystem shaped by institutional capital, compliant infrastructure, and on-chain innovation<\/strong>.<\/p>\n\n\n\n<p>The CoinGlass 2025 annual report frames this clearly: the early single-driver model\u2014high leverage retail speculation\u2014gave way to <strong>diversified institutional demand<\/strong>, alongside the parallel growth of <strong>regulated exchange-traded products<\/strong> and <strong>decentralized derivatives technology<\/strong>. At the same time, 2025 revealed a core contradiction of modern crypto derivatives: as markets become more sophisticated, <strong>systemic tail risk can increase<\/strong> due to deeper leverage chains, cross-platform capital routes, and complex hedging structures.<\/p>\n\n\n\n<p>This blog summarises the most important findings from your provided report content and translates them into <strong>practical 2026 lessons<\/strong> for derivatives traders\u2014especially those who want to think in terms of market structure, liquidity, open interest, and liquidation mechanics.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"market-overview-2025-was-a-high-beta-liquidity-trade\"><\/span><a href=\"https:\/\/pi42.com\/\">Market<\/a> overview: 2025 was a high-beta liquidity trade<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the clearest macro conclusions from 2025 was this: <strong>BTC traded more like a high-beta risk asset than an independent inflation hedge<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"675\" data-attachment-id=\"3169\" data-permalink=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/image-31\/\" data-orig-file=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-scaled.png\" data-orig-size=\"2560,1687\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-300x198.png\" data-large-file=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1024x675.png\" src=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1024x675.png\" alt=\"\" class=\"wp-image-3169\" srcset=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1024x675.png 1024w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-300x198.png 300w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-768x506.png 768w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1536x1012.png 1536w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-2048x1350.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>CoinGlass highlights a strong full-year correlation with global liquidity (global M2), while noting a structural decoupling later in the year. The practical takeaway is simple: <strong>BTC acted as a leveraged expression of liquidity expansion<\/strong>. When global liquidity expanded and the Federal Reserve entered a rate-cut cycle, BTC moved sharply higher\u2014CoinGlass notes a move from <strong>$40,000 to $126,000<\/strong>, describing these returns as a function of high beta rather than \u201cindependent value discovery.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what-this-means-in-2026\"><\/span>What this means in 2026<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In 2026, traders should treat macro liquidity as a first-class signal. If crypto behaves as high beta:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Liquidity expansion can accelerate upside more than expected.<\/li>\n\n\n\n<li>Liquidity tightening can trigger faster drawdowns and liquidation cascades.<\/li>\n\n\n\n<li>Risk-off shocks can have disproportionate effects on leveraged derivatives positioning.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"macro-uncertainty-became-a-volatility-engine\"><\/span>Macro uncertainty became a volatility engine<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass emphasises that geopolitical and policy uncertainty were critical in 2025, creating a rich derivatives narrative set. The report calls out:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Renewed US\u2013China trade friction<\/li>\n\n\n\n<li>The Fed balancing rate cuts against recurring inflation<\/li>\n\n\n\n<li>Bank of Japan policy normalization (carry-trade unwinds)<\/li>\n\n\n\n<li>A more crypto-friendly US policy stance<\/li>\n<\/ul>\n\n\n\n<p><strong>Net effect:<\/strong> sustained volatility, and \u201cdeep opportunities for strategic gaming\u201d in derivatives\u2014because narratives were frequent, market reactions were sharp, and positioning could become crowded quickly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-implication\"><\/span>2026 implication<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This environment rewards traders who:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Track macro calendars and headline risk<\/li>\n\n\n\n<li>Watch open interest and funding\/basis signals for crowding<\/li>\n\n\n\n<li>Avoid building portfolios that rely on \u201cperfect\u201d liquidation engines functioning under stress<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"regulation-directional-convergence-divergent-pathways\"><\/span>Regulation: directional convergence, divergent pathways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass describes 2025 regulation as \u201cdirectional convergence with divergent pathways.\u201d<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>United States:<\/strong> moved toward legislation\/licensing, reducing uncertainty associated with \u201cregulation by enforcement.\u201d<\/li>\n\n\n\n<li><strong>European Union:<\/strong> continued a consumer-protection approach with tighter restrictions on high-leverage retail derivatives.<\/li>\n\n\n\n<li><strong>Asia:<\/strong> remained fragmented\u2014Mainland China strict; Hong Kong and Singapore positioned as compliant sandboxes.<\/li>\n\n\n\n<li><strong>Notable milestone:<\/strong> Singapore Exchange (SGX) launched BTC and ETH perpetual futures, signalling selective integration of crypto-native products into traditional infrastructure.<\/li>\n\n\n\n<li><strong>DeFi direction:<\/strong> \u201csame activity, same risk, same regulation\u201d emerging as a guiding principle.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As policy frameworks mature, the key differentiator becomes <strong>execution quality + risk controls<\/strong>, not just product availability. Traders should increasingly evaluate venue reliability during stress events, not only fees or leverage.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"exchange-btc-reserves-destocking-and-the-liquidity-trap\"><\/span>Exchange BTC reserves: destocking and the liquidity trap<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass reports a notable exchange-level supply shift in 2025:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Exchange BTC reserves peaked near <strong>2.98 million BTC (~April 22)<\/strong> and declined to <strong>~2.54 million BTC by mid-November<\/strong><\/li>\n\n\n\n<li>Net outflow: <strong>~430,000 BTC (~15% decline)<\/strong><\/li>\n<\/ul>\n\n\n\n<p>The report interprets this as more than reduced short-term selling pressure. It reflects a <strong>structural shift toward lower turnover, long-term holding<\/strong>, and migration to self-custody.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"why-it-matters\"><\/span>Why it matters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Destocking can:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Amplify upside during rallies (less tradable supply, higher marginal price impact)<\/li>\n\n\n\n<li>Also create a risk: if macro expectations reverse, <strong>a reflux of previously withdrawn reserves<\/strong> can hit a thinner order book, increasing volatility.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-2\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you see falling exchange inventories alongside rising open interest, treat that combination carefully: the market can rally hard, but corrections can become sharp when liquidity thins.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"stablecoins-dats-and-rwas-settlement-meets-finance\"><\/span>Stablecoins, DATs, and RWAs: settlement meets finance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass highlights the 2025 expansion of stablecoins and DATs alongside institutional RWA exploration:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Stablecoin market cap temporarily breached <strong>$230B<\/strong><\/li>\n\n\n\n<li>Annual on-chain settlement volume around <strong>$1.5T<\/strong><\/li>\n\n\n\n<li>DAT-held BTC\/ETH exceeded <strong>$140B at peak<\/strong>, up over 3x YoY (per report narrative)<\/li>\n\n\n\n<li>RWAs served as a bridge between real cash flows and on-chain settlement\/valuation systems<\/li>\n<\/ul>\n\n\n\n<p>The report also references a BCG\u2013Ripple projection that tokenized assets could expand from <strong>~$600B to ~$18.9T by 2033<\/strong> (CAGR ~53%), which provides a \u201cscale hypothesis\u201d for the tokenization narrative.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-3\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Derivatives traders should track stablecoin growth and RWA momentum because it affects:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market settlement rails and liquidity availability<\/li>\n\n\n\n<li>Basis and cross-venue arbitrage capacity<\/li>\n\n\n\n<li>Demand for hedging instruments tied to tokenized exposures<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"centralized-derivatives-exchanges-in-2025-volume-open-interest-and-concentration\"><\/span>Centralized derivatives exchanges in 2025: volume, open interest, and concentration<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"cex-derivatives-trading-volume-857t-and-a-%e2%80%9clow-start-high-finish%e2%80%9d-year\"><\/span>CEX derivatives trading volume: $85.7T and a \u201clow start, high finish\u201d year<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass reports:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total 2025 derivatives volume: <strong>~$85.70T<\/strong><\/li>\n\n\n\n<li>Daily average turnover: <strong>~$264.5B<\/strong><\/li>\n\n\n\n<li>Peak single-day volume (Oct 10): <strong>~$748B<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"773\" data-attachment-id=\"3170\" data-permalink=\"https:\/\/pi42.com\/blog\/crypto-derivatives-market-2025-report\/image-32\/\" data-orig-file=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1.png\" data-orig-size=\"1600,1208\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1-300x227.png\" data-large-file=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1-1024x773.png\" src=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1-1024x773.png\" alt=\"\" class=\"wp-image-3170\" srcset=\"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1-1024x773.png 1024w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1-300x227.png 300w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1-768x580.png 768w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1-1536x1160.png 1536w, https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/image-1.png 1600w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The year\u2019s pattern is described as \u201clow start, high finish, oscillating upward trend.\u201d Importantly, derivatives are framed as the primary venue for <strong>price formation and risk management<\/strong> across mainstream assets.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"table-key-volume-stats-from-the-report\"><\/span>Table: Key volume stats from the report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Metric<\/th><th>CoinGlass 2025 figure<\/th><\/tr><\/thead><tbody><tr><td>Total derivatives volume<\/td><td>~$85.70T<\/td><\/tr><tr><td>Avg daily turnover<\/td><td>~$264.5B<\/td><\/tr><tr><td>Peak single-day volume<\/td><td>~$748B (Oct 10)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"market-share-a-concentrated-top-tier-and-the-platform-%e2%80%9cmatthew-effect%e2%80%9d\"><\/span>Market share: a concentrated top tier and the platform \u201cMatthew effect\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass describes a highly concentrated market-share distribution:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Binance: <strong>$25.09T total<\/strong>, <strong>$77.45B daily avg<\/strong>, <strong>~29.3% share<\/strong><\/li>\n\n\n\n<li>Second tier: OKX, Bybit, Bitget with total volumes ~<strong>$8.2T\u2013$10.8T<\/strong><\/li>\n\n\n\n<li>Top four combined share: <strong>~62.3%<\/strong><\/li>\n\n\n\n<li>Gate: <strong>~6.9%<\/strong><\/li>\n\n\n\n<li>Long-tail venues each around ~1% share<\/li>\n<\/ul>\n\n\n\n<p>The report\u2019s structural conclusion: top platforms reinforce themselves via liquidity moats, while mid\/small platforms must find niche differentiation or face erosion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-4\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Market concentration matters because it can turn operational or risk-control issues at major venues into <strong>systemic events<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"open-interest-from-deleveraging-to-a-crowded-peak-then-a-violent-reset\"><\/span>Open interest: from deleveraging to a crowded peak, then a violent reset<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass outlines a volatile OI path:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Yearly low around <strong>$87B<\/strong> after Q1 deleveraging<\/li>\n\n\n\n<li>Recovery in Q2, acceleration into Q3<\/li>\n\n\n\n<li>Peak OI: <strong>$235.9B (Oct 7)<\/strong><\/li>\n\n\n\n<li>Early Q4 flash deleveraging: <strong>&gt; $70B wiped in a day<\/strong> (about one-third of total OI)<\/li>\n\n\n\n<li>Year-end OI: <strong>$145.1B<\/strong>, still <strong>~17% higher<\/strong> than the year start<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"table-oi-timeline-markers\"><\/span>Table: OI timeline markers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>OI phase<\/th><th>Report description<\/th><\/tr><\/thead><tbody><tr><td>Q1<\/td><td>Deep deleveraging; low around $87B<\/td><\/tr><tr><td>Q2<\/td><td>Confidence rebuilding; position accumulation<\/td><\/tr><tr><td>Q3<\/td><td>Bubble-like accumulation; crowded leverage<\/td><\/tr><tr><td>Early Q4<\/td><td>Flash deleveraging; &gt;$70B reduced<\/td><\/tr><tr><td>Year-end<\/td><td>$145.1B, +17% vs start<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"liquidity-depth-execution-capacity-concentrated-at-the-top\"><\/span>Liquidity depth: execution capacity concentrated at the top<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass notes liquidity depth structure differs from OI:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Binance dominates BTC depth (reported at <strong>$536M<\/strong>), with a large lead<\/li>\n\n\n\n<li>OKX is strong second (BTC depth <strong>$202M<\/strong>, ETH <strong>$147M<\/strong>)<\/li>\n\n\n\n<li>Bitget shows meaningful depth in BTC\/ETH and even SOL in the report\u2019s examples<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-5\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Liquidity depth is not a vanity metric. It dictates:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Slippage under stress<\/li>\n\n\n\n<li>How liquidation engines translate into actual market impact<\/li>\n\n\n\n<li>Whether large players can hedge without destabilizing price<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"user-asset-holdings-extreme-custody-concentration\"><\/span>User asset holdings: extreme custody concentration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass describes a highly concentrated custody structure (HHI ~5352 in their analysis), with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Binance holding a very large share (report narrative indicates <strong>&gt;72%<\/strong>)<\/li>\n\n\n\n<li>OKX second<\/li>\n\n\n\n<li>Bybit\/Gate\/Bitget forming a sub-leading tier<\/li>\n\n\n\n<li>Top 5 platforms absorbing <strong>&gt;90%<\/strong> of user assets (as described)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-6\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When custody concentration is extreme, platform risk becomes market risk. Traders should consider:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Diversifying collateral exposure<\/li>\n\n\n\n<li>Understanding withdrawal\/transfer behavior during stress windows<\/li>\n\n\n\n<li>Having contingency plans when cross-platform corridors congest<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"liquidations-in-2025-when-risk-systems-were-truly-tested\"><\/span>Liquidations in 2025: when risk systems were truly tested<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"150b-nominal-forced-liquidations-and-one-defining-stress-window\"><\/span>$150B nominal forced liquidations and one defining stress window<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass reports:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total forced liquidations (long + short) around <strong>$150B<\/strong> for 2025<\/li>\n\n\n\n<li>Typical days: tens to hundreds of millions<\/li>\n\n\n\n<li>Extreme window: <strong>Oct 10\u201311<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"oct-10%e2%80%9311-event-the-anatomy-of-a-liquidation-cascade\"><\/span>Oct 10\u201311 event: the anatomy of a liquidation cascade<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>CoinGlass describes Oct 10 as the peak liquidation day:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Combined liquidations exceeded <strong>$19B<\/strong><\/li>\n\n\n\n<li>The report suggests actual nominal liquidation may have approached <strong>$30\u201340B<\/strong> considering timing and market-maker feedback<\/li>\n\n\n\n<li>Long side dominated: <strong>~85\u201390%<\/strong> of liquidations<\/li>\n<\/ul>\n\n\n\n<p>The trigger (per report narrative) was an exogenous macro shock: an escalation in trade measures leading global risk assets into risk-off mode. But CoinGlass emphasises the magnitude was determined by <strong>pre-existing leverage and the design of liquidation\/ADL mechanisms<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"why-this-matters-more-than-the-headline-number\"><\/span>Why this matters more than the headline number<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The report\u2019s deeper point is about infrastructure under stress:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market-price liquidations consumed order-book liquidity quickly<\/li>\n\n\n\n<li>Insurance funds struggled on some venues<\/li>\n\n\n\n<li>Auto-Deleveraging (ADL) activated in ways that created concerns around transparency and execution deviation from fair market prices<\/li>\n\n\n\n<li>Cross-platform transfers congested; hedging corridors partially broke<\/li>\n\n\n\n<li>Liquidity providers widened spreads or stepped back<\/li>\n\n\n\n<li>Lacking circuit breakers, prices slid further under liquidation-driven order books<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"uneven-outcomes-majors-vs-long-tail-assets\"><\/span>Uneven outcomes: majors vs long-tail assets<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>CoinGlass contrasts outcomes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>BTC\/ETH drawdowns ~10\u201315% (as described)<\/li>\n\n\n\n<li>Many altcoins\/long-tail assets saw extreme retracements (80% or near-zero)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-the-%e2%80%9chidden-risk%e2%80%9d-is-portfolio-mutation\"><\/span>2026 takeaway: the \u201chidden risk\u201d is portfolio mutation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of the most useful lessons from the report is how portfolios that look neutral can become directional under stress:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hedges can be forcibly reduced<\/li>\n\n\n\n<li>ADL and liquidation mechanics can dismantle one leg<\/li>\n\n\n\n<li>Transfer congestion blocks re-hedging<br>Result: \u201cneutral\u201d strategies can suddenly behave like high-beta directional risk.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"exchange-traded-derivatives-and-dat-where-institutionalization-concentrated\"><\/span>Exchange-traded derivatives and DAT: where institutionalization concentrated<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"cmes-structural-ascent-and-the-normalization-of-basis-trading\"><\/span>CME\u2019s structural ascent and the normalization of basis trading<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass positions 2025 as the year CME cemented itself as the global center for crypto pricing and risk transfer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Institutional capital evolved from passive exposure (spot ETFs) to active derivatives usage<\/li>\n\n\n\n<li>The liquidity moat between compliant exchange-traded markets and offshore venues was \u201creconstructed\u201d<\/li>\n\n\n\n<li>Basis trading scaled alongside ETF AUM growth, forming a major linkage between TradFi rates and crypto yields<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"spot-quoted-futures-and-the-next-step-volatility-products\"><\/span>Spot-quoted futures and the next step: volatility products<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>CoinGlass highlights innovation like spot-quoted futures (QBTC\/QETH) intended to tighten spot linkage and reduce basis risk\/roll cost. The report also suggests the CME BTC Volatility Index (BVX) could pave the way for tradable volatility futures in 2026.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-7\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As exchange-traded infrastructure matures, the edge moves toward:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Efficient basis capture when mispricings appear<\/li>\n\n\n\n<li>Lower friction in hedging<\/li>\n\n\n\n<li>Better-defined risk transfer tools (including volatility instruments)<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"dat-the-corporate-balance-sheet-flywheel\"><\/span>DAT: the corporate balance-sheet flywheel<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass explains DATs as public companies shifting a substantial portion of reserves to crypto assets and using financing tools (convertible notes, ATM offerings) to increase coins per share\u2014the \u201cDAT Flywheel.\u201d<\/p>\n\n\n\n<p>The report notes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Public DAT BTC holdings increased from <strong>~600,000 BTC to ~1.05M BTC by November<\/strong> (aggregate)<\/li>\n\n\n\n<li>\u201cStrategy\u201d increased holdings (report narrative) and the sector shifted from single-whale dominance to a mega-whale + long-tail structure<\/li>\n\n\n\n<li>Even when equity premiums compressed later, holdings did not reverse materially; repricing happened at the equity layer more than on the asset side<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-risk-shifts-from-token-price-to-financing-structure\"><\/span>2026 takeaway: risk shifts from token price to financing structure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>CoinGlass argues DAT risk is less about predicting BTC\u2019s next move and more about:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financing structures<\/li>\n\n\n\n<li>Governance<\/li>\n\n\n\n<li>Regulatory impacts<\/li>\n\n\n\n<li>Macro hedging logic<\/li>\n<\/ul>\n\n\n\n<p>This becomes especially important if liquidity turns and equity premiums compress while token prices retrace (the \u201cdouble kill\u201d risk described).<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"options-market-volatility-pricing-power-shifts\"><\/span>Options market: volatility pricing power shifts<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>CoinGlass identifies two milestone events:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Coinbase acquisition of Deribit (report narrative) integrating crypto-native options liquidity into a compliant exchange pathway<\/li>\n\n\n\n<li>IBIT ETF options rising and overtaking Deribit in BTC options OI by late 2025 (as described)<\/li>\n<\/ol>\n\n\n\n<p>The report frames 2025 as a \u201cdual-track\u201d world:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Crypto-native options liquidity (Deribit) remains central, especially in ETH options<\/li>\n\n\n\n<li>Traditional channels (ETF options like IBIT) become dominant in BTC options flows due to institutional accessibility<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-8\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Watch where volatility pricing power sits. When options liquidity migrates to more compliant channels:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market makers, flows, and volatility surfaces can change<\/li>\n\n\n\n<li>Hedging costs and availability can shift quickly<\/li>\n\n\n\n<li>BTC and ETH may diverge depending on product approvals and institutional uptake<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"defi-derivatives-in-2025-perp-dex-goes-from-concept-to-market-share\"><\/span>DeFi derivatives in 2025: Perp DEX goes from concept to market share<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"perp-dex-explosive-growth-and-a-move-toward-multipolar-competition\"><\/span>Perp DEX: explosive growth and a move toward multipolar competition<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass describes 2025 as a breakout year:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Monthly on-chain perp volumes surpass <strong>$1.2T in October<\/strong><\/li>\n\n\n\n<li>Hyperliquid led early with dominant share, then competition intensified later with new entrants gaining share (as described in your pasted content)<\/li>\n<\/ul>\n\n\n\n<p>A key narrative is architectural: high-performance app chains and intent-centric design lowered friction and improved execution quality, making on-chain derivatives a functional alternative in certain niches (censorship resistance, composable strategies).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-9\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Perp DEX is no longer just a \u201cDeFi niche.\u201d It influences:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market share at the margins<\/li>\n\n\n\n<li>Venue competition and fee structures<\/li>\n\n\n\n<li>Trader expectations around UX and capital efficiency<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"prediction-markets-and-wallets-the-application-layer-matures\"><\/span>Prediction markets and wallets: the application layer matures<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass also highlights:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Prediction markets reaching large volumes and user metrics (as described)<\/li>\n\n\n\n<li>Wallets evolving into on-chain traffic gateways integrating identity, DApps, and abstraction layers<\/li>\n\n\n\n<li>Account abstraction and chain abstraction reducing onboarding friction<\/li>\n\n\n\n<li>Security architecture upgrades (MPC + TEE) becoming standard among top wallets<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2026-takeaway-10\"><\/span>2026 takeaway<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Distribution and user experience increasingly shape trading behavior. As wallets and apps become the new gateways, derivatives participation can expand beyond traditional exchange-centric funnels.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what-this-report-means-for-traders-in-2026\"><\/span>What this report means for traders in 2026<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1-market-structure-matters-as-much-as-direction\"><\/span>1) Market structure matters as much as direction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In 2025, direction was often a liquidity story\u2014but the biggest outcomes came from structure:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>OI crowding<\/li>\n\n\n\n<li>Thin order books<\/li>\n\n\n\n<li>Venue concentration<\/li>\n\n\n\n<li>Transfer congestion<\/li>\n\n\n\n<li>Liquidation and ADL mechanics<\/li>\n<\/ul>\n\n\n\n<p>In 2026, traders should evaluate \u201cwhere\u201d a trade sits, not only \u201cwhat\u201d asset it is.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2-tail-risk-is-amplified-by-complexity\"><\/span>2) Tail risk is amplified by complexity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass repeatedly points to deeper leverage chains and complex cross-platform strategies increasing tail risk. The lesson is not \u201cavoid derivatives.\u201d The lesson is: don\u2019t assume infrastructure behaves ideally under stress.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3-opportunities-exist-in-basis-and-compliant-tool-integration\"><\/span>3) Opportunities exist in basis and compliant tool integration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass highlights basis trading normalization and the coupling of ETF flows with futures hedging. Traders should watch basis regimes and how quickly they compress when arbitrage channels deepen.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4-the-next-competitive-edge-is-liquidation-resilience\"><\/span>4) The next competitive edge is liquidation resilience<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass ends with a forward-looking focus: 2026 competitiveness depends on whether trading infrastructure maintains resilience in crowded leverage chains and whether capital can circulate efficiently between compliant and decentralized realms.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"india-snapshot-what-the-2025-derivatives-shift-looked-like-locally-and-why-it-matters-in-2026\"><\/span><strong>India Snapshot: What the 2025 Derivatives Shift Looked Like Locally (and Why It Matters in 2026)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>While the CoinGlass 2025 annual report focuses on global market structure, the same \u201cderivatives-first\u201d shift was visible in India as well \u2014 driven by a combination of <strong>trader preference for leverage<\/strong>, <strong>faster execution<\/strong>, and <strong>market structure incentives<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"india-market-signals-2025%e2%80%93early-2026\"><\/span>India market signals (2025\u2013early 2026)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Metric \/ Signal<\/th><th>India-specific data point<\/th><th>Why it matters<\/th><\/tr><\/thead><tbody><tr><td>Crypto futures activity on Indian platforms<\/td><td>Industry estimates cited by ET BFSI suggest <strong><a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/articles\/indian-investors-turn-to-crypto-derivatives-amidst-equity-fo-crackdown\/123704804\" target=\"_blank\" rel=\"noopener\">daily crypto futures trading on larger Indian platforms averages ~$3\u20135 million<\/a><\/strong> (as of Sept 2025).<\/td><td>Shows a measurable local derivatives layer even under tighter conditions vs global markets.<\/td><\/tr><tr><td>Exchange-reported annual volume (India)<\/td><td>A Binance Square post referencing CoinDCX states CoinDCX reported <a href=\"https:\/\/www.binance.com\/si-LK\/square\/post\/33293509354322\" target=\"_blank\" rel=\"noopener\"><strong>\u20b951,333 crore trading volume in FY25<\/strong>.<\/a><\/td><td>Helpful \u201cIndia scale\u201d indicator, even though this is platform-reported and not a full market total.<\/td><\/tr><tr><td>India\u2019s shift toward futures vs spot<\/td><td>A Times of India report notes futures trading <strong><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/cryptocurrency\/indias-crypto-market-shifts-gear-trade-in-futures-outpaces-spot-transactions-tds-law-rising-prices-fuel-surge\/articleshow\/123517610.cms\" target=\"_blank\" rel=\"noopener\">surpassing spot activity in India<\/a><\/strong>, linked to leverage demand and product structure.<\/td><td>Matches CoinGlass\u2019s global conclusion: derivatives dominate price discovery and participation.<\/td><\/tr><tr><td>Broader \u201cderivatives mindset\u201d in India<\/td><td>SEBI reported Indian retail losses in <a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/indian-retail-investor-losses-derivative-trades-widened-2024-25-regulator-says-2025-07-07\/\" target=\"_blank\" rel=\"noopener\"><strong>equity derivatives<\/strong> rose to <strong>\u20b91.06 trillion<\/strong><\/a> in FY2025 (a separate market from crypto, but relevant for trader risk behavior).<\/td><td>Reinforces why <strong>risk controls, leverage discipline, and liquidation resilience<\/strong> matter for Indian traders too.<\/td><\/tr><tr><td>Adoption breadth beyond metros<\/td><td>A Times of India report quotes CoinDCX CEO: <strong><a href=\"https:\/\/timesofindia.indiatimes.com\/city\/bhopal\/tier-2-cities-like-indore-outpacing-metros-in-crypto-adoption-says-coindcx-ceo\/articleshow\/125116651.cms\" target=\"_blank\" rel=\"noopener\">~40%<\/a><\/strong> of CoinDCX users come from tier-2\/3 cities; Indore participation cited as unusually high.<\/td><td>Suggests derivatives-style trading interest is spreading beyond top metros, changing how exchanges should educate users.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"what-this-means-for-indian-derivatives-traders-in-2026\"><\/span>What this means for Indian derivatives traders in 2026<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>CoinGlass describes 2025 as the year the market shifted from \u201cretail leverage speculation\u201d to an environment dominated by <strong>institutional capital + compliant rails + on-chain alternatives<\/strong>. In India, the local version of that shift is showing up as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/articles\/indian-investors-turn-to-crypto-derivatives-amidst-equity-fo-crackdown\/123704804?\" target=\"_blank\" rel=\"noopener\">Growing comfort<\/a> with <a href=\"https:\/\/timesofindia.indiatimes.com\/business\/cryptocurrency\/indias-crypto-market-shifts-gear-trade-in-futures-outpaces-spot-transactions-tds-law-rising-prices-fuel-surge\/articleshow\/123517610.cms\" target=\"_blank\" rel=\"noopener\">futures-style products<\/a><\/strong> (even if absolute volumes are smaller than global venues).<\/li>\n\n\n\n<li>A stronger need for <strong><a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/indian-retail-investor-losses-derivative-trades-widened-2024-25-regulator-says-2025-07-07\/\" target=\"_blank\" rel=\"noopener\">transparent risk systems<\/a><\/strong> (margin rules, liquidation handling, execution reliability) because Indian traders already participate heavily in derivatives behavior in other asset classes too.<\/li>\n\n\n\n<li>A wider audience entering the market from <strong><a href=\"https:\/\/timesofindia.indiatimes.com\/city\/bhopal\/tier-2-cities-like-indore-outpacing-metros-in-crypto-adoption-says-coindcx-ceo\/articleshow\/125116651.cms\" target=\"_blank\" rel=\"noopener\">tier-2\/3 regions<\/a><\/strong>, which increases the importance of education around leverage and volatility.<\/li>\n<\/ul>\n\n\n\n<p><strong>Editorial note (for compliance):<\/strong> India figures above include industry estimates and exchange-reported numbers; they are not a complete measurement of the entire Indian crypto derivatives market.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"conclusion-2025-repriced-the-derivatives-world-2026-tests-the-plumbing\"><\/span>Conclusion: 2025 repriced the derivatives world, 2026 tests the plumbing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CoinGlass\u2019s core conclusion is that 2025 repriced crypto derivatives around three forces: <strong>institutional capital, compliant infrastructure, and on-chain technology<\/strong>. Macro liquidity set the trend; geopolitics and policy shifts acted as triggers; and the October liquidation window revealed how fragile the margin\u2013liquidation\u2013insurance fund\u2013ADL chain can be under congestion.<\/p>\n\n\n\n<p>In 2026, the important question is not whether derivatives will keep growing\u2014they likely will. The more relevant question is whether the ecosystem can absorb stress without turning localized shocks into systemic events. For traders, that means building strategies that respect market structure, liquidity, and execution constraints\u2014not just price direction.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This article is a commentary based on the CoinGlass 2025 Crypto Derivatives Market Annual Report text shared by the user. It is for informational purposes only and does not constitute investment, legal, tax, or financial advice. Crypto derivatives involve significant risk and may not be suitable for all participants. Past performance is not indicative of future results. Please consult qualified professionals before making trading decisions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction Why 2025 still matters in 2026 From a 2026 lens, 2025 stands out as a structural watershed for crypto markets. The year wasn\u2019t just about a bull cycle. It marked a deeper transition: crypto assets moved further into the mainstream financial system, and the derivatives market evolved from a simpler, retail-leverage-driven arena into a [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":3171,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"zakra_page_container_layout":"customizer","zakra_page_sidebar_layout":"customizer","zakra_remove_content_margin":false,"zakra_sidebar":"customizer","zakra_transparent_header":"customizer","zakra_logo":0,"zakra_main_header_style":"default","zakra_menu_item_color":"","zakra_menu_item_hover_color":"","zakra_menu_item_active_color":"","zakra_menu_active_style":"","zakra_page_header":true,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[227],"tags":[408,341,405,10],"class_list":["post-3167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coinglass-report","tag-crypto-derivatives","tag-futures-options","tag-pi42"],"jetpack_featured_media_url":"https:\/\/pi42.com\/blog\/wp-content\/uploads\/2026\/01\/CoinGlass-2025-Crypto-Derivatives-Market-Annual-Report.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts\/3167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/comments?post=3167"}],"version-history":[{"count":3,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts\/3167\/revisions"}],"predecessor-version":[{"id":3173,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/posts\/3167\/revisions\/3173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/media\/3171"}],"wp:attachment":[{"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/media?parent=3167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/categories?post=3167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pi42.com\/blog\/wp-json\/wp\/v2\/tags?post=3167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}