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Bitget hits a record high monthly inflow in derivatives

In this post:

  • Bitget achieved record-high monthly inflows in derivatives trading in May.
  • While overall trading volumes on centralized exchanges fell by 20.1%, derivatives open interest across the market increased by 30.5%.
  • Bitget’s derivatives market saw a substantial increase, with inflows reaching $975.4 million and open interest growing by 39.2% to $9.74 billion.

May was a standout month for the crypto markets, rocked by several economic events and the excitement around Ethereum spot ETF approvals. This marked a unique time for investors who moved their chess pieces from the hustle of short-term trading to the more calculated lanes of long-term investments. During this period, Bitget was thriving. The exchange nailed it by hitting the highest one-month derivative inflows in its history.

Bitget makes a strategic triumph

According to the latest scoop from CCData, while May saw a general dip in combined spot and derivatives trading volumes by 20.1%, totaling a massive $5.27 trillion across centralized exchanges, there was a striking contrast in the derivatives market. 

Source: CCData

Here, open interest swelled by an eye-popping 30.5%, topping off at $55.2 billion. Bitget was right in the thick of it, with its derivatives trading inflows swelling to a staggering $975.4 million. Bitget’s open interest saw a surge of 39.2%, reaching a whopping $9.74 billion. 

Over the past year, Bitget has seen a huge expansion in spot and derivatives trading. Here’s a kicker—its native token, BGB, has been outperforming like a champ among centralized exchange tokens. At press time, it was trading at $1.16, with a market cap ballooning to $1.63 billion and a 24-hour trading volume of $111 million.

Meme coins dominate the derivatives market

Zooming out on the entire derivatives market, we see that Bitcoin’s dominance has decreased by -1.24% to 54.16%. Open Interest in derivatives has increased by +1.90% to $64.34 billion, but the twenty-four Futures Volume has decreased significantly by -19.08% to $152.56 billion.

Source: Coinglass

There’s also been a massive decrease in liquidations. Total options open interest has increased by 2.1% over the past day. Coingass data shows an overall bullish trend across all categories, with a notable average increase of 3.62% in prices for all cryptocurrencies.

Particularly, the Ethereum Ecosystem has also experienced a 4.64% increase in open interest despite a slightly lower price gain of 2.81%. Meme coins have outperformed all segments in terms of price changes, surging by 6.40%. However, this category also faces massive liquidations.

Source: Coinglass

On the other hand, Arbitrum has also seen remarkable interest, with the highest increase in open interest of 9.89%. However, its trading volume has dropped, hinting at a more cautious approach from traders.

Across the board, funding rates have remained low, suggesting a balance between long and short positions in the market. This indicates a stable trading environment with no bias towards the bulls or the bears in the near future.


Jai Hamid

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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