The first half of 2025 was marked by a record increase in open interest on crypto derivatives, but without slipping into the leverage excesses that characterized previous cycles.
According to the CoinGlass 2025 semi-annual report, the numerous episodes of massive liquidations that occurred in February and April played a key role in cleaning up the market and re-establishing a sustainable balance. In this article, we examine how the leverage was managed more healthily and how the liquidations contributed to stabilizing the sector.
More prudent crypto leverage: a sign of maturity
Despite the overall open interest on derivatives growing to record levels (over $70 billion for Bitcoin and $30 billion for Ethereum), the average leverage of operators never got out of hand.
CoinGlass attributes this maturity to:
greater liquidity and market depth,
better margin management by exchanges,
increasing institutional participation favoring less speculative strategies (source: CoinGlass)
We współpracy z: https://en.cryptonomist.ch/2025/07/12/leverage-e-liquidazioni-crypto-come-il-mercato-sta-ritrovando-equilibrio/
