The first half of 2025 was marked by significant growth in Bitcoin, which reached a new price record. The key factors behind the price changes were the active actions of institutional investors in the derivative markets.
Institutional Investments in Bitcoin
In the first half of 2025, Bitcoin reached an all-time high above $112,000. Research by Coinglass indicated that over 80% of trading volume and price discovery occurred in the derivative market, with a shrinking share of spot deals.
Trends in Open Interest in Derivative Markets
Open interest on derivative exchanges kept expanding during the first half of the year, rising from $60 billion in January to over $70 billion six months later. In July, Bitcoin's open interest reached $34 billion on crypto-native exchanges, with long and short positions being more balanced.
Prospects for the Altcoin Market in 2025
Although the Coinglass Crypto Derivatives index recovered in the second quarter of 2025, its growth was mainly driven by increasing interest in Bitcoin. Altcoins like Ethereum, SOL, and XRP showed weak demand, marking a significant valuation divergence between Bitcoin and other assets.
The first half of 2025 demonstrated significant dominance of Bitcoin in the market, confirmed by growing institutional investments and changes in open interest on derivative exchanges. Altcoins are under pressure, which may lead to a reevaluation of their value in the future.
