Data analysis firm CoinGlass recently released a comprehensive annual market review report, revealing the deep structure and potential risks of the current crypto derivatives market through extensive chart data.

**Traditional Financial Institutions' Expansion into the Crypto Space**

The most notable change is the continuous growth of traditional Wall Street firms' market share in the crypto sector. Not only has the size of Bitcoin contracts steadily increased, but Ethereum contracts have also approached the retail-level scale of some leading exchanges. This reflects the deep involvement of traditional financial institutions in the crypto market and the growing reliance of institutional investors on derivatives tools.

**Market Risks Are Severely Underestimated**

The actual impact of the 1011 event far exceeds surface perceptions. According to statistics, the nominal liquidation scale of this event may approach $30-40 billion, but the market's understanding of its long-term negative effects remains insufficient. Market makers suffered real losses during this event, including top market makers like Wintermute. This indicates that even experienced market participants are vulnerable in extreme market conditions.

**MicroStrategy Faces a Major Test**

For companies holding large amounts of crypto assets, the real test has just begun. The upcoming review of the MSCI stock index in 2026 and changes in global monetary policy will exert pressure. Risks are not only from price volatility but also from the underlying financial structures of these companies; when external conditions worsen, structural risks can be amplified.

**Forecasting a Booming Market Ecosystem**

Interestingly, the daily active users of prediction markets have tripled this year. The large user base combined with abundant liquidity has led several popular prediction products to reach a total trading volume of hundreds of millions of dollars. The prosperity of this sector demonstrates strong user demand for derivatives tools and trading opportunities.

**Dominance of Leading Exchanges Remains Steady**

Apart from traditional Wall Street firms, the global derivatives market is still dominated by a leading exchange. Data shows that about $30 of every $100 in derivatives trading volume occurs on this top platform. While this concentration provides liquidity for large trades, it also introduces systemic risk vulnerabilities.

Other mainstream derivatives exchanges are also competing in the market. According to liquidity depth indicators, the performance of certain exchanges in BTC and ETH contracts is noteworthy, with BTC ranking third globally in depth, and ETH contributing about one-fifth of the total market depth. This indicates that while the derivatives market is led by major players, other participants have developed differentiated competitiveness in specific assets.

**Risk Outlook for Next Year**

Looking ahead, overall market sentiment is becoming more cautious. Major concerns focus on two aspects: first, the potential reversal of MicroStrategy’s financing logic could trigger a double decline in stock and coin prices; second, systemic liquidation risks in centralized exchanges’ clearing systems due to liquidity mismatches in tail assets, with trigger mechanisms similar to the 1011 event.

This annual review, driven by data, serves as a reminder to market participants that beneath the seemingly prosperous trading ecosystem, many risks lurk that require vigilance. For individual investors and institutions alike, understanding these risks is essential for long-term survival in the derivatives market.