2025-12-26 02:21:22

The price discovery mechanism of BTC is undergoing a significant shift. According to the latest data, derivatives such as futures, perpetual contracts, and options have become the absolute dominant force in trading activity. What does this mean? The short-term drivers of price fluctuations have shifted from traditional spot buying and selling to leverage positions and trader position changes. In other words, the market is no longer solely determined by actual capital inflows and outflows, but increasingly influenced by leverage behavior and expectations in the derivatives market. This structural change reflects the maturing trading ecosystem of the cryptocurrency market and also indicates that price volatility may become more intense—because leverage amplifies the impact of each order.

BTC-1,41%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

6 Likes

Reward
6
4
Repost
Share

Comment

0/400

ProposalManiac

· 12h ago

Derivatives leading price discovery? That's a sign of game balance imbalance, just like every time in history. --- Leverage amplifies order influence... Basically, the mechanism design is flawed. Who will regulate these traders? --- Mature trading ecosystem? I see it more as risk accumulation, with spot markets no longer attracting anyone. --- Wait, isn't this the same trick used before the 2008 financial crisis, where derivatives hijack spot prices? --- By the way, the governance mechanism is lagging behind. Shouldn't the exchange's risk control be designed to prevent such position concentration? --- Pure leverage-driven prices... Feels more like gambling than price discovery, doesn't it? --- So the key issue is that incentive compatibility isn't well designed, and systemic risk is thus embedded.

View OriginalReply0

ChainWallflower

· 14h ago

Leverage freaks are at it again, this time directly seizing the right to speak on prices.

View OriginalReply0

Degentleman

· 14h ago

Basically, crypto players are getting more and more skilled at playing tricks, and when leverage is used, prices skyrocket... Derivatives dominate? Isn't this just a new way for big players to harvest retail investors? The genuine spot market has long been pushed to the corner by contracts, and retail investors only have three seconds of sympathy. Leverage amplifies order impact? Sounds like volatility is about to take off. So now, are all spot buyers just bagholders? Mature? That's just called risk concentration.

View OriginalReply0

BugBountyHunter

· 14h ago

Leverage monsters are back at it again, are they really going to turn the market upside down this time? --- No one is trading spot anymore, it's all contract traders blowing each other up. Is this still price discovery? That's hilarious. --- Oh my, the retail investors are even worse off now. Prices don't follow reality anymore, they only look at the positions of the contract whales. --- So the more developed derivatives are, the greater the price volatility? Then I need to set my stop-loss tighter. --- This is what they call "maturity," maturing to the point of eating all retail investors' funds dry. Truly impressive. --- Leverage amplifies order impact... Basically, even small amounts can cause big waves. The era of retail investors'狂欢 is truly gone.

View OriginalReply0