Crypto derivatives, at the heart of institutional growth

This new report shows the extent to which derivatives have become the real backbone of the crypto market. They now account for almost three-quarters of traded volumes and dictate price formation, although the ecosystem remains tiny compared to traditional finance.

The paper also reveals a gradual shift towards regulated markets, with Coinbase, Kraken or Gemini finally beginning to compete with the offshore giants, while Hyperliquid is establishing itself as the first credible on-chain alternative, despite obvious limitations for institutional adoption.

An essential overview for understanding how the next stage in the institutionalisation of cryptos is being structured.