According to Cas Abbé, citing CryptoQuant data, total crypto market volume in 2025 reached $79 trillion, split between $18 trillion in spot and $61 trillion in futures, indicating substantial spot accumulation alongside derivatives dominance (source: Cas Abbé on X; CryptoQuant). According to Cas Abbé, 2025 marks the year of the institutional floodgate, with market infrastructure holding and capital participation increasing, based on the reported mix of spot and futures activity (source: Cas Abbé on X). According to CME Group and Binance Academy, a futures share near 77 percent typically reflects elevated leverage and potential volatility, so traders should monitor funding rates, basis, and open interest to quantify risk and trend strength (source: CME Group education; Binance Academy).