The end-of-year enthusiasm in the crypto space shows no signs of waning. On one hand, the derivatives market is hitting record highs, while on the other hand, voices predicting a market cooling in 2026 are spreading. Coupled with the potential implementation of new regulatory policies, the entire market seems to be standing at a crossroads—one side is experiencing rapid growth, and the other is undergoing a calm adjustment. This contrast itself is quite interesting.

The data from the derivatives market best illustrates the situation. A recent report from a compliant trading platform shows that the open interest in contracts on the platform has repeatedly hit new highs in 2025. Breaking it down: perpetual futures first surpassed the $1 billion mark in June, followed closely by US futures in July also crossing this threshold. By October, the open interest in options contracts surged to $60 billion. These figures clearly reflect that traders’ appetite for crypto derivatives is growing, and the heat in this market is real.

Institutional actions are equally eye-catching. A well-known treasury company in the Ethereum space has been actively increasing its holdings recently. According to an announcement on December 29, this company added another 44,500 ETH last week, now holding over 4.11 million ETH (specifically 4,110,525 ETH). This scale accounts for about 3.41% of the total supply of Ethereum (approximately 120.7 million). Such a large holding is enough to demonstrate the long-term bullish attitude of institutions toward Ethereum.

From contract enthusiasm to institutional bottom-fishing, both sides of the market are playing out—some are excited about the explosive growth of derivatives, while others remain cautious about potential adjustments. This is also the norm in the crypto market: opportunities and risks often coexist.