Binance case creates opportunity for exchanges to grow, says CEO of Bitget.

In an interview with EXAME, responsible for one of the main crypto derivatives exchanges in the world talks about the market moment in 2023

This is what Gracy Chen, CEO of Bitget, assesses in an exclusive interview with EXAME. Responsible for running one of the world's leading cryptocurrency derivatives exchanges, the executive recognizes that Binance still has a significant market share, but that it has fallen from the highs seen in early 2023.

Since the agreement involving the United States government, Binance's share has fallen from more than 50% to around 40%, indicating that the gain of space from competitors "is already happening". "During this period, many exchanges, especially the larger ones, with proof of reserves and good user experience, such as Bitget, managed to increase their market share", he highlights.

However, the executive believes that the biggest positive point for the cryptocurrency market in 2023 was BlackRock's request to launch an exchange-traded fund (ETF) with a spot price for bitcoin in the United States. The possible launch of this product, highly anticipated by the market, should continue to be one of the sector's central points in 2024.

Today the United States already has futures ETFs, but by having spot ones they will need to have the bitcoin asset in custody for the ETF, so this leads to an inflow of institutional investment. At the same time, the ETF makes investing in bitcoin easier," explains Chen.

In her view, the main advantages that the ETF should bring involve a "reduction in investment costs, increased liquidity and compliance with stricter regulatory issues, which makes institutional investment more convenient".

“In 2023, we saw an inflow of investments into the market, the total value”, recalls the executive. For her, the trend is that this movement will not end in 2023 and will continue to benefit the cryptocurrency market in the coming months.