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