Crypto today: 2025 derivatives hit $86T; tokenization, ARB stake
Crypto derivatives trading volumes near $86T in 2025, averaging $265B daily
Global cryptocurrency derivatives volume climbed to almost $85.7 trillion in 2025, averaging about $264.5 billion per day, according to liquidation data tracker CoinGlass.
Binance led the market with approximately $25.09 trillion in cumulative derivatives activity, representing about 29.3% of worldwide trading — roughly $30 of every $100 traded — CoinGlass reported.
OKX, Bybit and Bitget followed, each recording between $8.2 trillion and $10.8 trillion in annual volume. Together with Binance, these four platforms accounted for roughly 62.3% of total market share.
CoinGlass said expanded institutional access via spot exchange-traded funds (ETFs), options and compliant futures contributed to a structural increase at the Chicago Mercantile Exchange (CME), which surpassed Binance in Bitcoin (BTC) futures open interest in 2024 and solidified its position in 2025.
Binance leads in terms of derivatives volume. Source: CoinGlass
Kraken executive says tokenization is reshaping money beyond fiat
Blockchain tokenization is broadening the definition of money beyond fiat currencies like the U.S. dollar by enabling users to hold and transfer a wide range of assets instantly across platforms, Kraken Head of Consumer Mark Greenberg told CNBC on Wednesday.
Greenberg said consumers can save in Tesla xStock, Bitcoin, U.S. dollars, euros, euro-denominated stablecoins or even gold, reflecting a shift in how value can be stored and moved.
Data from RWA.xyz shows nearly $415 billion worth of real-world assets are currently tokenized on-chain. Boston Consulting Group estimates that figure could reach $16 trillion by 2030, while McKinsey & Co. projects around $2 trillion over the same period.
Greenberg added that tokenization enables instant settlement for equity transactions, addressing limitations of traditional securities infrastructure that has remained largely unchanged for more than 50 years.
Mark Greenberg in a Wednesday CNBC interview. Source: CNBC
Offchain Labs increases ARB holdings as Arbitrum surpasses $20B threshold
Offchain Labs, the primary developer behind Arbitrum, disclosed that it purchased additional ARB tokens under an approved plan, indicating long-term confidence in the network amid softer sector sentiment and ongoing pressure on governance tokens. The company shared the update in a post on X this week.
The firm said it remains committed to expanding the Arbitrum ecosystem “in a meaningful way” and is doubling down on development efforts across the network.
Arbitrum is an Ethereum layer-2 scaling solution that processes transactions off-chain and settles them on Ethereum using optimistic rollups, a method that batches transactions and treats them as valid unless challenged. This approach aims to reduce fees and improve transaction speed while leveraging Ethereum’s security.
Offchain Labs’ move comes as some core contributors and early stakeholders across the cryptocurrency industry are perceived to be reducing exposure to governance tokens. In Arbitrum’s case, ARB primarily serves as a governance token, providing holders with voting rights on network upgrades, funding allocations and ecosystem initiatives. All revenue accrues on-chain to a treasury wallet controlled by tokenholders.
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