In 2025, the cryptocurrency market experienced a significant increase in derivatives open interest, reaching an all-time high of $23.59 billion on October 7. This surge followed a sluggish start to the year, with activity gaining momentum in the third quarter before experiencing a sharp decline. By the end of the year, open interest figures settled at $14.51 billion, marking a 17% increase in the second half of the year. Despite the fluctuations, the market remains both volatile and active, according to crypto analysis.