Bybit and Block Scholes’ latest report shows perpetual decentralized exchanges gaining traction as market volatility impacts BTC, ETH, and SOL, reflecting significant shifts in trading behaviors.
The rise of perp DEXs underscores evolving market dynamics, affecting asset liquidity and market share. Institutional interest in Solana further emphasizes these trends.
Perpetual DEXs Surge with 58% Market Share in 2025
The Bybit x Block Scholes Quarterly Report highlights a significant shift towards perpetual DEXs, with new players dominating the market. Recent volatility directly affects BTC, ETH, and SOL trading behaviors, as detailed in institutional research.
Hyperliquid has captured 58% of perpetual DEX trading volume in 2025. The market’s changing landscape influences major assets, driven by institutional and large-scale funding flows, shifting trading behaviors significantly.
Decentralized Exchange Shift Affects BTC and ETH Valuations
The market shift towards decentralized exchanges has substantial implications. Trading volume increases, indicating potential profit opportunities for major assets like BTC and ETH. Significant volatility affects liquidity trends, influencing exchange strategies and engagement.
Financial outcomes could include an increase in BTC and ETH valuations due to regained liquidity. Historical data suggests that de-centralized trading may lead to regulatory scrutiny. Understanding trading behaviors is essential for navigating potential technological reforms.
September 2025 Liquidation Mirrors May 2025 Trends
September 2025’s liquidation event follows historical trends, similar to past occurrences in May 2025. Such events often lead to reduced confidence and capital reallocation away from risky perpetuals, as previous cycles demonstrate.
Experts suggest the return of altseason and emphasize focusing on historical patterns may provide insights. Analysts highlight data trends demonstrating evolving BTC dominance, analyzed against volatile macroeconomic changes.
“A recent major liquidation event beginning Sep 22, 2025 dropped the levels of open interest in Bybit perpetual swap contracts. That resulted in the notional value of outstanding contracts falling from the all-time highs reached in the run-up to the Federal Reserve’s September FOMC meeting. The decline coincided with a major slump in spot prices, in which BTC lost a key support level and dropped below $108K, while ETH plunged through the $4,000 level. Since those local lows, crypto asset spot prices have begun to recover, with BTC now trading back above $118K and ETH at $4,400.”
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