Dogecoin Futures Volume Explodes on BitMEX

Dogecoin futures trading has experienced a dramatic surge in the past 24 hours. Multiple exchanges reported substantial increases in trading volume as the cryptocurrency market heads toward the end of 2025.

BitMEX recorded the most significant jump in Dogecoin futures activity. The exchange saw volumes spike by 53,255% within a single day, reaching $260.34 million, according to data from CoinGlass. This represents one of the largest single-day increases in futures trading for the meme-based cryptocurrency this year.

The unusual activity comes during a period when overall market liquidity has started to thin. Traders are adjusting their positions as the calendar year comes to a close.

Market Dynamics Point to Risk Management

A recent analysis by 10x Research highlighted concerning trends in year-end liquidity across cryptocurrency markets. The research firm indicated that reduced liquidity extends beyond normal holiday season slowdowns.

Multiple market indicators suggest coordinated de-risking among institutional and retail traders. Futures positioning data shows a shift toward more conservative stances. Exchange-traded fund flows have similarly reflected cautious sentiment. Options markets round out the picture with traders hedging against potential volatility.

The convergence of these signals indicates widespread uncertainty about near-term price movements. Market participants are clearly prioritizing capital preservation as 2025 draws to a close.

Price Action Remains Range-Bound

Dogecoin's spot price has remained confined to a narrow trading range following a brief rally. The cryptocurrency reached a local high of $0.1334 last Friday before retreating into a period of consolidation.

Current trading activity keeps Dogecoin between $0.128 and $0.134. The price stood at $0.1343 at the time of reporting, representing a 3.8% gain over 24 hours.

DOGE price chart, Source: CoinMarketCap

The fourth quarter has proven challenging for Dogecoin holders. After gains during most of the third quarter, the cryptocurrency has declined steadily since October. Three consecutive months of losses have characterized this period.

Annual performance presents an even starker picture. CoinGecko data shows Dogecoin down 58.5% for the year. The steep decline leaves bulls with limited time to push prices into positive territory before 2026 arrives. Nine trading days remain in 2025.