A Quieter Market: What Crypto Derivatives Have Been Doing Since October 2025

Crypto prices have continued to swing, but derivatives activity since October looks much more subdued. Open interest and volumes across major assets have fallen and stayed lower, suggesting leverage has been reduced rather than rotated elsewhere. Funding rates are mostly calm, with the exception of Solana, where short positioning is more pronounced. A Quieter Market: What Crypto Derivatives Have Been Doing Since October 2025 | Sandmark

What stands out to me isn’t that traders are outright bearish, but that they’re stepping back. It feels less like a call on prices going down and more like people reducing risk after a long period of easy leverage. With tighter limits and less appetite to borrow, price moves may matter differently than before. Big question is ... is this just a temporary pause, or has the market’s comfort with leverage really changed?