In a dynamic quarter for the cryptocurrency market, Bitget, a leading crypto derivatives and copy trading platform, has released its Q2 2023 Transparency Report, showcasing a series of major achievements. Despite the general market decline and legal turbulence surrounding prominent exchanges, Bitget managed to increase its market share, trading volumes, token performance, security measures, and financial solvency, outshining its competitors.
The second quarter of 2023 saw Bitcoin’s price surge past the $30,000 mark, signaling a much-needed comeback. However, the period was also marred by legal challenges, with the SEC filing lawsuits against Binance and Coinbase, significantly impacting the global crypto industry landscape.
Undeterred by these challenges, Bitget demonstrated its strength in the market, achieving a spot trading volume exceeding $60 billion and a futures trading volume reaching $606 billion. Outperforming most centralized exchanges (CEXs), Bitget’s spot trading volume dropped only 44.8%, and the derivative trading volume decreased by 14.6% compared to its competitors.
According to the TokenInsight Crypto Exchange Report 2023 Q2, Bitget secured its position among the Top 4 exchanges, collectively accounting for over 85% of the total market. Moreover, it accomplished the second-highest increase in market share among the Top 5 CEXs, achieving an impressive 8.7% market share, up 1.81% from the previous quarter.
In the spot market, Bitget’s market share doubled to 6% in Q2. The derivative market also witnessed notable progress, with a 12.5% increase in open interest compared to the previous quarter, reaching $27 billion by the end of Q2. Bitget stood out, exhibiting the most significant increase in open interest, rising from 10.46% to 11.84%.
Bitget’s performance in futures trading volumes stood out, especially following the collapse of FTX and the decline of several other trading platforms across the market. This was attributed, in part, to the successful launch of copy trading on Bitget, which attracted 9,033 new elite traders, 85,255 new followers, and generated a total profit of $33 million in Q2 2023.
The native Bitget token (BGB) experienced exceptional growth, surpassing all other tokens in the Top 10 cryptocurrencies. With a 23% increase quarter-on-quarter, BGB’s quarterly all-time high rose by 8% to $0.51. Additionally, the trading volume of BGB soared by almost 80% to $1.3 million, and the number of BGB holders increased by an impressive 130% to 305,653 in just three months.
Bitget’s product lineup played a significant role in its performance, attracting unprecedented attention both at launch and after release. The exchange’s offerings, such as Bitget Spot, Bitget Spot Martingale, and Bitget Launchpad, were instrumental in driving site and mobile traffic to reach 34.7 million visits in Q2. Moreover, the introduction of innovative products such as Liquid Staking Derivatives, Coin-Margined Futures, Martingale AI, Multi-Chain EVM-Compatible Address support, and BGB Lottery expanded the platform’s appeal to a diverse audience.
On the legal front, Bitget has been committed to compliance and user protection, introducing the Bitget Proof of Reserves with a total reserve ratio exceeding 200%, twice the industry standard. The platform also expanded its market presence by obtaining registration as a Virtual Asset Service Provider in Poland and Lithuania. Further expansion is planned, with representative offices set to open in the Middle East, with Dubai as the primary regional hub.
The Bitget Transparency Report Q2 2023 provides valuable insights into the exchange’s performance and its potential for further growth. Bitget’s team has reiterated its commitment to decentralization and secure adoption of blockchain and cryptocurrencies, ensuring its position as a global industry leader.