Coinglass's 2025 annual report reveals a major increase in Bitcoin holdings by DATs, reaching about 5% of total supply. The crypto derivatives market saw a staggering $85.7 trillion trading volume with average daily liquidations of $400-$500 million, peaking in late 2025. Growth in crypto prediction markets and on-chain U.S. stock tokens is notable, while decentralized derivatives are expected to transition from proof-of-concept to market competition.

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