Crypto Traders Are Still Recovering From The 2025 Liquidation Crash

[AIcash]

New market data shows that crypto leverage has still not fully recovered from the massive liquidation event that shook the market in October 2025. Total open interest across crypto derivatives markets has fallen from more than $210 billion before the crash to roughly $99 billion by April 2026, meaning overall leverage remains more than 50% below its previous peak.

At the same time, decentralized perpetual exchanges are steadily gaining influence despite centralized platforms still dominating overall trading volume. Platforms like Hyperliquid have seen massive growth, with traders increasingly moving toward on chain derivatives trading after trust in highly leveraged centralized activity weakened. The data suggests the crypto market is entering a new phase where leverage remains more cautious, while decentralized trading infrastructure continues becoming a much larger force in the global derivatives ecosystem.

[chainsniff]

crypto traders after losing half the market leverage

[chainsniff]

maybe 100x leverage was not spiritually sustainable