Alt-Sezonunu Beklemediler - Vadeli İşlemlere Yöneldiler: Kripto Para Yatırımcıları Türev Piyasalarına Büyük Ölçekte Geçiş Yapıyor

In 2025, the cryptocurrency market never saw the long-awaited "alt-season" - the period when alternative coins (altcoins) significantly outperform Bitcoin in growth. Instead, traders, disappointed by the stagnation of the spot market for altcoins, have actively flocked to futures platforms in search of quick profits using leverage.

According to David Duong, Head of Research at Coinbase, activity on futures has surged significantly this year. In his post on X, he noted that the absence of explosive altcoin growth has pushed investors toward derivatives, where leverage allows amplifying potential profits even in a sideways market.

According to a recent Coinbase report, on-chain perpetual futures have become a key driver of the surge in crypto derivatives activity. Decentralized exchanges (DEX) handled an impressive $1.2 trillion in 2025, underscoring the shift in trading toward more accessible and transparent instruments. This confirms the trend: traders prefer futures because the spot market for altcoins has essentially stood still, showing minimal growth compared to Bitcoin.

Coinbase itself is actively expanding its futures offerings. In November 2025, the exchange announced the addition of 24/7 futures trading for a range of altcoins, including Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), and Shiba Inu (SHIB). This expansion comes amid a general rise in interest in derivatives, as more traditional assets like Bitcoin continue to dominate, while altcoins struggle for investor attention.

However, experts warn of the risks: at the end of 2025, the market experienced a series of liquidations that led to a sharp reduction in leverage in derivatives. According to Coinbase data, this served as a reminder of the volatility of futures, where high leverage can lead to significant losses.

Overall, 2025 has been a year of consolidation for altcoins, but explosive growth for derivatives. As noted in Coinbase's annual "2026 Crypto Market Outlook" report, regulatory successes in the US and globally, including the launch of new spot crypto ETFs, are opening doors for further market development. For traders who didn't wait for alt-season, all that's left is to hope that 2026 brings new opportunities, or continue mastering futures.