In May, Bitget recorded its highest-ever monthly inflows in derivatives trading. Despite a 20.1% decline in trading volumes on centralized exchanges overall, the derivatives open interest across the market grew by 30.5%.
Bitget specifically experienced a significant surge, with inflows totaling $975.4 million and a 39.2% increase in open interest, reaching $9.74 billion.
Bitget Sets New Records Amid Crypto Market Surges
May proved to be a standout month for the crypto markets, driven by significant economic events and anticipation surrounding Ethereum spot ETF approvals. Investors shifted focus from short-term trading to long-term investments during this period. Bitget, in particular, thrived, achieving its highest-ever monthly inflows in derivatives trading.
According to CCData, while combined spot and derivatives trading volumes across centralized exchanges dipped by 20.1% to $5.27 trillion in May, the derivatives market showed a stark contrast. Open interest surged by an impressive 30.5%, reaching $55.2 billion. Bitget played a pivotal role with its derivatives trading inflows soaring to $975.4 million. Additionally, Bitget’s open interest surged by 39.2% to $9.74 billion.
Source: CCData
Over the past year, Bitget has expanded significantly in both spot and derivatives trading. Notably, its native token, BGB, has outperformed other centralized exchange tokens, trading at $1.16 with a market cap of $1.63 billion and a 24-hour trading volume of $111 million at the time of reporting.
Overview of Current Trends in the Derivatives Market
In the derivatives market, Bitcoin’s dominance has slightly decreased by -1.24%, settling at 54.16%. Despite this, open interest in derivatives has shown a positive trend, increasing by +1.90% to reach $64.34 billion. However, the twenty-four Futures Volume has seen a significant decline of -19.08%, totaling $152.56 billion.
Source: Coinglass
There has also been a notable decrease in liquidations, indicating a more stable market environment. Total options open interest has risen by 2.1% recently. According to Coingass data, there is a bullish trend across all cryptocurrency categories, with an average price increase of 3.62%.
Specifically within the Ethereum ecosystem, there has been a 4.64% increase in open interest despite a modest price gain of 2.81%. Meme coins have stood out with the highest price changes, surging by 6.40%, although they also face significant liquidation risks.
Source: Coinglass
Arbitrum has seen remarkable interest with a substantial 9.89% increase in open interest, yet its trading volume has decreased, signaling caution among traders.
Overall, funding rates remain low, indicating a balanced market sentiment between long and short positions. This suggests a stable trading environment with no clear bias favoring either bulls or bears in the immediate future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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