The year 2025 will be remembered as the moment crypto futures trading stopped being a theoretical risk and became a measurable systemic failure. By year’s end, more than $154 billion in forced liquidations had been recorded across perpetual futures markets, according to aggregated data from Coinglass, translating to an average of $400–500 million in daily losses. What unfolded across centralized and decentralized derivatives venues was not a single black swan event, but a slow-motion structural unwind. Why Perpetual Futures Became Liquidation Engines in 2025 The scale was unprecedented, with Coinglass’ 2025 crypto derivatives market annual report showing $154
source: https://beincrypto.com/crypto-futures-trading-mistakes-2025/