CryptoQuant analyst Darkfost wrote that Ethereum futures trading volume this year far exceeds previous years. Taking Binance as an example, Ethereum futures trading volume exceeded $6.74 trillion over the past year, almost double that of 2024, which already set a record. Therefore, Ethereum can be considered one of the most traded assets in the global derivatives market in 2025, highlighting the strength of speculative demand. Over the past year, the spot-to-futures ratio was approximately 0.2, meaning that for every $1 invested in ETH on the Binance spot market, nearly $5 was invested in futures contracts. This ratio is characteristic of a highly leveraged market, reflecting extreme speculation on Ethereum in 2025. Record trading volume coupled with such an unbalanced ratio indicates that futures largely determine Ethereum's price movements. Consequently, Ethereum's price volatility this year has often been amplified, disorderly, and highly dependent on liquidations, ultimately resulting in it reaching an all-time high by a mere few dollars.