The data was published by CCData in report on forecasts for the second half of 2024. Bitget increased its market share by more than a third, followed by Crypto.com and Bybit with 24.6% and 22.2% respectively, while other major players including Coinbase, OKX and KuCoin saw their market share decline.
The amount of open interest, financing rates and the ratio of derivatives trading to spot trading provide insight into the current market sentiment.
Following the approval of BTC and ETH ETFs earlier this year, according to CCData, amount of open positions sharply increased. In May, open interest on derivatives exchanges rose 30.5% to $55.2 billion as traders looked to profit from the surprise approval of a spot Ethereum ETF in the U.S.
During this time, Bitget outperformed all major derivatives exchanges, increasing its open interest by 39.2%, while major players including Binance and OKX recorded growth of 33.2% and 22.1%, respectively.
“Bitget’s growth can be attributed to its active and dedicated community that values the platform’s capabilities and commitment to high-quality user experience. Our latest internal analytics foretell even higher growth rates in the coming months, which we intend to use to popularize cryptocurrency to a wider audience,” said Gracie Chen, CEO of Bitget.
In Bitget’s recent Q2 2024 Transparency Report, the crypto exchange confirmed a 50% increase in traffic. According to Similarweb, this was driven by an influx of users in the CIS countries, followed by Latin American and South Asian markets. Additionally, recently Forbes included Bitget Token (BGB) in the top 10 highest-yielding tokens of 2024 with 100% growth in the first half of this year.
Source: Bits
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