Amidst a backdrop of diminishing metrics across the cryptocurrency exchange scene, Bitget has shown an remarkable range of achievements in Q2 2024, therefore breaking the industry trend.
May alone saw a significant increase in open interest (OI) and capital inflows, which helped to establish it as a unique performer in a demanding market.
A recent CCData study shows that combined spot and derivatives trading volume dropped noticeably by centralized exchanges, falling to $5.27 trillion in May. This drop happened even with a 30.5% rise in open interest in futures markets, which reached $55.2 billion.
Bitget Prepares For Halving
In preparation of major events like the forthcoming Bitcoin (BTC) Halving and rising market expectations for future price swings, analysts propose this change reflects a transition of investor attention from short-term trading to longer-term positioning.
Under such conditions, interactions with strong derivative products are starting to be strategic decisions for investors. Already well-known for its solid presence in the derivatives market, Bitget has taken use of this trend.
Reaching $9.74 billion in May, the exchange recorded a 39.2% rise in open interest, much surpassing the average growth rate of comparable derivatives exchanges by 8.7%.
On-chain data from DeFiLlama indicates Bitget established a record high in one-month inflows, drawing $975.4 million on top of its already remarkable performance. This milestone emphasizes Bitget’s attraction to investors in a time of more market volatility and strategic repositioning.
The rise in measurements aligns with Gracy Chen’s recent hiring as the new CEO; this action seems to have improved the course of the exchange. Bitget has greatly increased the range of assets it offers under her direction; it listed 62 fresh tokens in May alone.
The trade also improved its PoolX offering by adding 19 fresh tokens, which attracted 120,381 users and shockingly 427 million USDT in staking.Earlier this month, Bitget also strategically brought USDe by Ethena Labs as a choice for USDS-margin futures contracts.
