Bitget Monthly Report of February 2024

Introduction

In February 2024, the cryptocurrency market experienced a significant uptick in momentum, characterized by notable achievements and increased optimism among investors. The total open interest in Bitcoin (BTC) and Ethereum (ETH) reached new highs, indicating a strong and expanding market engagement.

This bullish trend was amplified by the excitement in the AI sector, especially as cryptocurrencies related to this field saw significant increases. This surge was partly fueled by the excitement around the latest advancements from Open AI's 'Sora' project. Against this optimistic backdrop, Bitcoin's price experienced a significant rise, drawing the attention of both experienced traders and newcomers to the cryptocurrency world, thereby reinforcing its status as a key barometer of the market's health and growth potential. This positive market sentiment contributed to the expansion of Bitget's user base, which reached 25 million in February.

Monthly Highlights

BTC Halving Study: Expectations and Investment Decision

Bitget released a comprehensive study focusing on the upcoming Bitcoin halving in April 2024 and its impact on investment decisions, offering an outlook into crypto investors' mindset and how they predict the market will change after the halving.

The study encompassed a diverse group of participants from regions including West Europe, East Europe, Southeast Asia, East Asia, MENA, and Latin America, revealing a widespread long-term optimism among investors towards cryptocurrency and their readiness to augment their investments. A striking 84% of participants are confident that in the forthcoming bull run, Bitcoin (BTC) will eclipse its previous all-time high of $69,000, with this sentiment shared by over 80% of individuals in almost all regions, East Europe being the exception. Additionally, around 70% of those surveyed plan to boost their crypto investments, with participants from MENA and East Europe showing a particularly strong propensity towards increasing their investment levels.

Bitget Wallet appoints new COO

Bitget Wallet appointed Alvin Kan as its Chief Operating Officer (COO) to lead the company's global growth strategy and coordinate brand development, operations, and growth initiatives. Alvin Kan brings a wealth of expertise with over 15 years of professional experience, having held prominent roles at BNB Chain and Sei Labs. Notably, he spearheaded ecosystem growth at BNB Chain and served as the Head of Asia for Sei Labs. Before this, Alvin spent almost a decade at LinkedIn, where he led the Asia-Pacific data team and played a crucial role in the company's strategic development across Asia. With a strong background in market growth and data analysis in the Web2 domain, coupled with his insightful understanding of building Web3 ecosystems, Alvin is well-equipped to introduce innovative ideas and steer global growth strategies at Bitget Wallet. His leadership will be instrumental in shaping the company's direction and planning for the upcoming year, elevating the brand's global presence.

Bitget Reports a 250% Surge in Custodial Assets

Bitget released a report outlining the usage of custodial wallets among various segments of market participants. The document sheds light on important statistics regarding investor behavior and market dynamics, as well as the general development of the crypto economy.

The study utilized data from Bitget's third-party custodial accounts, which were launched in August 2023 through collaborations with digital asset custody providers such as Copper and Cobo. The research aims to explore the relationship between various market indicators and the duration of usage of custodial crypto wallets, revealing some key takeaways, such as total assets under custody surged by 250% since November 2023 surrounding the anticipation and subsequent final approval of the BTC ETF.

Trading Volume Growth

In February, despite fewer days and the Lunar New Year holiday, Bitget's spot trading volume rose by over 21%, and its futures trading volume increased by 22%, according to CoinGecko data. This market enthusiasm propelled our user base to reach 25 million. Meanwhile, its platform token BGB increased by 64% and breached the US$1 mark in February, reaching an all-time high of US$1.15.

The AI sector saw significant growth in February, spurred by OpenAI's launch of its Sora model, which has notably advanced AI creativity and garnered considerable market interest.

Bitget's AI zone experienced a remarkable 400% surge in total trading volume, and the average daily number of traders was up by 80% during this period. Furthermore, the average market capitalization in the AI zone for February increased by 77% from January.

Listings

Bitget has expanded its offerings by introducing 39 new tokens to its platform, attracting considerable interest and trading activity. This expansion has resulted in extraordinary price increases for the top five performers, with gains exceeding 1000%. Remarkably, two tokens, QnA3.AI ($GPT) and Pixels (PIXEL), have shown exceptional performance, each soaring by more than 5000%.

Copy Trading Highlights

Bitget maintains its position as the leading global crypto copy-trading exchange, drawing in a remarkable 5200 elite traders and attracting over 21,260 new followers in January. The platform is committed to profit-sharing, with traders collectively sharing over 780,000 USDT, as followers have gained nearly 11.4 million USDT in profits this month. The platform's success is evident through the execution of over 2.4 million profitable trades, showcasing the effectiveness of the Bitget trading platform.

New Features and Integration

Bitget Wallet Supports ARC-20 Inscription and Lightning Network Integration

Bitget Wallet has expanded its features to include support for ARC-20 inscriptions, allowing users to not only inscribe ARC-20 tokens but also monitor market trends. Additionally, the wallet has integrated the Bitcoin Lightning Network in its most recent update, enhancing its support for the Bitcoin ecosystem.

Previously, Bitget Wallet offered support for BRC-20 assets, with functionalities like asset display, transfers, and market trend insights for BRC-20 tokens, along with the introduction of GetScribe tools. The inclusion of ARC-20 inscriptions aims to overcome challenges such as infrastructure deficiencies, limited public knowledge, and high barriers to entry, thus contributing to the growth of the inscription ecosystem.

Bitget Swap Integrates with Jupiter

Bitget Wallet has enhanced its functionality through the integration of Bitget Swap and Jupiter, enabling users to seamlessly connect to the Jupiter platform via both the browser extension and mobile app. This integration particularly improves swap services for Solana-based assets within Bitget Wallet, leveraging Jupiter's liquidity infrastructure to enhance trading capabilities and affirm Bitget Wallet's commitment to supporting the Solana ecosystem.

Bitget Wallet integrates with BTC Layer2 B² Network

Bitcoin Layer 2 network, B² Network, now supports connectivity with Bitget Wallet. Users can access the fast, cost-effective, and secure Bitcoin Layer 2 network through the Bitget Wallet mobile app or browser extension. This allows for cross-chain transactions of BTC assets and participation in airdrop programs.

Driving Crypto Adoption

Bitget actively participated in several notable conferences in February, including the Web Summit Doha on February 27th. Our managing director, Gracy Chen, shared her insights in the panel discussions focusing on "Decrypting the Digital Economy" and "Building Unicorns Outside of the Valley."

Moreover, we initiated a series of campus roadshows under the Blockchain4Youth initiative, with the University of Perpetual Help System in Laguna hosting the inaugural event on February 14, 2024. This event attracted over 200 students from Computer Science and Information Technology programs.

In addition to these engagements, we organized meetups in Melbourne and Barcelona to foster community involvement.

Must-Reads from Bitget Academy:

In February, we released 40+ new educational pieces on Bitget Academy. Here's the must-read list:

Understanding ERC-404

What is Bitcoin Layer 2

BGB Broke Its ATH On Valentine's Day

Which Solana Projects Should You Invest In?

#Bitcoin ETF Series:

The Rise of Spot Bitcoin ETFs: One Month After SEC Approval

Harvest Fund Applied For the First Bitcoin ETF in Hong Kong