Bitcoin’s market structure this year has shifted away from actual buying and toward leveraged speculation. With futures volume 13 times larger than spot, price moves are no longer grounded in liquidity.
Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January Leverage outweighs liquidity as Bitcoin spot volumes drop 40% since January
Leverage dominates Bitcoin’s tape in 2025, with futures driving volume and direction.
2 min read
Updated: May. 8, 2025 at 8:16 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
