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Crypto Derivative Volumes Saw Speedy Growth as Prices Rose in January
The numbers suggest speculation, not accumulation, was behind sizable gains for bitcoin and ether, according to a report.
Updated Jan 24, 2024, 12:24 a.m. Published Feb 8, 2023, 4:15 p.m.
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Trading activity increased strongly across the board in January, but derivatives volume grew faster than spot markets, according to data from CryptoCompare.
Derivatives volume in January was up 76.1% from December to $2.04 trillion, the largest percentage increase since January 2021 when volume rose 114%.
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Derivatives trading now represents 70.3% of the entire crypto market, up from 68% in December, according to CryptoCompare data.
The large trading activity increase came alongside big gains for the world’s largest cryptocurrencies by market capitalization, with bitcoin (BTC) and ether (ETH) up 40% and 32%, respectively, in January.
“This suggests that price increases were driven by derivative market speculation rather than spot market accumulation,” said CryptoCompare in its report.
With $1.26 trillion in volume, Binance continued as the largest derivatives exchange in January, followed by Bybit which had a 115% increase to $301 billion (the only integrated derivative exchange with triple-digit, month-on-month growth). Bybit recorded its highest-ever market share in derivative markets at 14.6% in January.
Though not keeping up with derivatives, spot markets also witnessed large volume gains in January, with CryptoCompare’s AA- or A-graded exchanges posting a 67% jump in trading activity. Binance, Coinbase and Kraken were the top exchanges in terms of spot volume.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
知っておくべきこと:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
あなたへの
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
知っておくべきこと:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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