#比特币与黄金战争 CoinGlass data shows that the forced liquidation amount in the cryptocurrency derivatives market in 2025 reached $150 billion. On the surface, it appears to be a crisis throughout the year, but in reality, it is a structural normality where derivatives dominate the marginal price market.

Forced liquidations due to insufficient margin are more like a periodic fee levied on leverage.

Against the backdrop of a total derivatives trading volume of $85.7 trillion for the year (an average of $264.5 billion daily), liquidation is merely a market byproduct, stemming from the price discovery mechanism dominated by perpetual swaps and basis trading.

As derivatives trading volume rises, open interest has rebounded from the deleveraging lows of 2022-2023. On October 7, the nominal open interest in Bitcoin reached $235.9 billion (at the same time, Bitcoin's price once touched $126,000).

However, record-breaking open interest, crowded long positions, and high leverage among small and medium-sized altcoins, combined with the global risk-averse sentiment triggered by Trump's tariff policies on that day, triggered a market turning point.