Bitget Transparency Report: Q3 2023
Bitget
TL;DR
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The global market cap declined in July and August and rose in September with the news of spot Bitcoin ETFs
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Bitget and Bybit saw the highest market share growth in September
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Bitget Copy Trading attracted 9,000 new elite traders, and 85,000 new followers, both of whom initiated over US$6.7 million profitable trades in just three months
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Bitget increased asset diversity with a total of 69 new assets in Q3
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BGB outperformed most tokens in Q3 with a quarterly high of US$0.4927, and became the Top 5 platform tokens by market cap
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Bitget Protection Fund value peaked at US$368 million in July, providing extra guarantee besides our stable 200% PoR
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Bitget unveiled its expansion plans into the Middle East region
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Bitget underwent a rebranding initiative that empowers traders with sophisticated tools as well as focuses on DeFi space via Bitget Wallet
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Bitget launched its US$100 million EmpowerX Fund to support the growth of regional exchanges, data analytics firms, media organizations, and other entities as part of the ever-evolving Web3 ecosystem
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Bitget TURNED 5! We celebrated this big day with NFT releases, KCGI competitions, EmpowerX Summit, and Smart Awards!
The Market situation
July is the only highlight of Q3, with the court ruling in favor of Ripple (XRP). The fact that XRP, if not sold to institutional investors, is not necessarily a security and thus doesn't have to comply with securities law, can very well serve as a favorable precedent for most token sales. However, this triumph was rather short-lived as the global market cap locked in a two-month decline due to regulatory uncertainties, disadvantageous macro environment and technical factors. Since late July, when Bitcoin dipped below US$29,000, both futures and spot
markets experienced some cooling down and only picked up the pace slowly in September with the outlook of upcoming spot Bitcoin ETFs and the launch of multiple futures Ether ETFs.
Bitget In Numbers
Trading Volume
In Q3 2023, the overall industry faced a gloomy market situation. According to CCData report, the spot trading volume on centralized exchanges is US$1.33 trillion, and the derivative trading volume is US$4.8 trillion, recording a decreased 22% and 23% decreases respectively compared to Q2. Bitget's
futures trading volume was approximately
US$ 600 billion in the third quarter, representing a minor 8% decrease, with a smaller decline compared to the industry and with our spot trading volume reaching
US$ 41 billion.
In September, the combined spot and derivatives trading volume on centralized exchanges fell for the third consecutive month, dropping 20.3% to US$1.67 trillion. Bybit and Bitget saw the highest increase in market share, rising by 0.91% and 0.77% to 13.6% and 9.43% respectively.
Source: CoinGecko
New Listings
After a five-year journey of development and fine-tuning, Bitget is known as a true champion of asset diversity, boasting an impressive lineup of
590+ spot trading pairs and
650+ futures trading pairs.
As if that weren't enough to capture the attention of even the most discerning crypto enthusiasts, we have added 69 new listings in this quarter alone. Among the standout performers, TYPE and SEI have mesmerized traders with gains of over 2000%, while LAB, BMTC, and ARKM saw price increases of over 1000%. The categorization of tokens as well as these successful new listings effectively brought in new waves of interested traders.
Amidst this exhilarating profit spree,
Bitget Launchpool served as a fertile ground for innovation, with 8 projects open for staking during the period between July and September.
Bitget Token (BGB)
In the past three months, BGB continued to display exceptional performance. It became one of the Top 5 platform tokens by market cap. The price rose from 0.18 this year's beginning to a quarterly high of US$0.4927 in September.
https://coinmarketcap.com/view/centralized-exchange/
BGB Monthly Volume from Coingecko
The year 2023 has proven to be highly prosperous for BGB thus far. The anticipation surrounding the relaunch of the system's launchpad led to an extraordinary surge, pushing its value to an all-time high of US$0.5152 on February 19th. Although there was a slowdown afterward, BGB regained momentum in late spring and early summer. It also launched its updated whitepaper presenting the roadmap of new features and burning mechanisms. At the time of writing, BGB is priced at US$0.44.
Data also shows that more and more people are trading BGB. The holders of BGB kept increasing and reached 354472 in Q3. And the volume of BGB traded in the last three months reached over US$1.3 billion.
Copy Trading
Launched in 2018, Bitget is the first and the largest platform to offer copy trading to the market. Our Q3 2023 results speak for themselves:
new 12,200 elite traders,
80,800
new follower
s, and
US$ 37 million in total profits generated through copy trading. With Bitget, the future of
crypto trading is here.
Social Presence
At Bitget, we hold the voice of our community in the highest regard. We are actively cultivating a dynamic social media presence across all platforms. Our followers on Twitter, Instagram, Facebook, TikTok, and YouTube have increased to 2.1 million. A special shout-out to our Twitter community, which has hit the impressive milestone of 1.1 million followers, and our followers in TikTok increased by 117%! We're incredibly grateful for your support and look forward to continuing to serve you with our timely notice and insightful discussions.
Better Protection, Compliance Progress
At Bitget, we strive to go beyond the industry norms of transparency and security. As part of our ongoing commitment to enhancing user confidence, Bitget introduced
Bitget Proof of Reserves (PoR) in the late 2022. This system employs
Merkle Tree to accumulate on-chain data, ensuring users that their assets are maintained in our custody on a one-to-one basis.
Looking at the reserves number of the third quarter below, we can see an evident rise in the amount of users’ funds deposited onto Bitget, which rightly serves as a measure of users’ trust in us. It’s worth noting that our total reserve ratio remained well above 200% in every monthly snapshot since launching the initiative.
Source: Bitget
Launched in August 2022, Bitget's Protection Fund stands as a pioneering testament to safeguarding users' crypto assets, reflecting the platform's commitment to user protection and financial security. We release our Protection Fund Valuation Report on a monthly basis. Despite market movements, the fund's value has consistently exceeded US$300 million since November. In July, its worth peaked at US$368 million, representing the highest level attained in Q3.
The fund serves as a robust financial shield to protect users' holdings in the face of force majeure incidents, hacking attacks, or extreme market situations. To further increase its stability and liquidity against external events. The fund encompasses a diversified portfolio of high-liquidity cryptocurrencies, including BTC, USDT, and USDC.
Here at Bitget, we have a dedicated compliance team that works closely with local authorities to bring forth a prompt response to any regulatory change and keep ourselves aligned with compliant standards. In this quarter, Bitget introduced the mandatory KYC requirements, aiming to improve security compliance for traders on the exchange. The compliance team will use KYC information to identify customers and analyze risk profiles, as KYC procedures help prevent money laundering and financing of illegal activities per global and regional financial regulations.
Expansion Of Products
Earn Product Snowball
Bitget Snowball is a principal guaranteed structured Earn product linked to an investment portfolio in the options market. It is created for investors with a low appetite for risk. The new instrument will provide users with up to 24.5% APR, meanwhile ensuring principal protection.
Bitget Wallet Quick
Bitget Wallet Quick Buy is a one-stop solution for users seeking to buy and sell cryptocurrencies with ease. Its service includes fiat support for three new currencies: EUR, RUB, and JPY. Quick Buy is designed to break down barriers in the cryptocurrency OTC space, providing compatibility with popular payment methods to meet the diverse needs of users worldwide and lowering the overall barriers of entry into Web3.
Smart Portfolio Bot
Smart Portfolio is an intelligent investment bot designed to boost returns, which can continually and dynamically rebalance positions within a user-selected portfolio of cryptocurrencies, ensuring a constant proportion of each coin is maintained.
Signal Bot Trading Feature
Bitget's Signal Bot enables users to receive trading signals from TradingView via site messages, effectively alerting them to opportune moments for trading USDT-M perpetual futures.
Dual coin crypto loan
Bitget’s Crypto Loans product is based on a dual-coin approach, allowing users to stake one coin from their holdings as collateral in exchange for the ability to borrow a corresponding amount in another coin. It aims to attract a new audience of users dissuaded by traditional credit institutions and seeking alternative means of funding via digital assets.
AI-Powered Grid Trading Solution
Grid trading is a quantitative strategy that utilizes trading algorithms to automate transactions for users. It involves trading algorithms that place buy and sell orders within a predefined price range at specified time intervals and follow a "buy low, sell high" strategy to execute trades. Bitget's AI Grid Trading enables beginners to leverage this strategy without requiring extensive expertise in the field.
New Fiat Gateway with Advcash
The strategic partnership between Bitget and Advcash empowers Bitget users to conveniently deposit Russian Rubles (RUB) and Ukrainian Hryvnias (UAH) via Advcash, facilitating frictionless
cryptocurrency trading. Eliminating the need for multiple transfers between platforms, this collaboration aims to enhance convenience and user-friendliness, allowing Bitget users to capitalize on the rapidly expanding cryptocurrency markets.
AI-Facilitated CTA Strategy
CTA is a strategy applied to commodity futures and stock index futures and Bitget has harnessed the power of CTA strategies for cryptocurrencies. Our new AI-Facilitated CTA Strategy trading feature offers users an index trading system designed to capitalize on short-term trading opportunities using price/volume trends and simplifies the process for various users.
Win-Win Partnerships
Crypto Tax Platform Cointracking
: Bitget's strategic partnership with Cointracking, a leading crypto tax platform, streamlines cryptocurrency tax management for Bitget users. This collaboration simplifies tax compliance, while also introducing innovative trading features, including copy trading, for users to replicate successful traders' strategies and foster informed investment decisions.
Crypto Portfolio Tracking Solution CoinStats
Bitget is teaming up with CoinStats, a renowned crypto portfolio tracking solution, to provide investors with streamlined digital asset management. The collaboration enables Bitget users to seamlessly monitor a wide range of transactions through the Bitget API on the CoinStats platform, enhancing transparency and offering a comprehensive view of their crypto holdings and trading performance.
Integration with CCData
The integration of CCData expands Bitget's data offerings, providing institutional investors with real-time and historical market data, enhancing their market analysis, and facilitating nimble investment decisions through access to CCData's robust data infrastructure and a wide array of financial data sources and platforms. CCData and Bitget share a similar idea on the importance of providing high-quality digital asset data to market participants, enhancing their ability to make accurate, actionable decisions in the growing digital asset sector.
Crypto Tax Reporting Platform Koinly
Bitget's API directly integrated with Koinly’s tax reporting platform based on valuable feedback from its crypto tax user community. This partnership has seamlessly integrated cryptocurrency tax reporting services into the Bitget platform, providing users with the ability to generate precise cryptocurrency tax reports, compute gains and losses accurately, and expedite the often intricate tax calculation process.
Advanced Trading Automation with 3Commas
Bitget has partnered with 3Commas to enhance automated trading experiences. This collaboration allows Bitget users to leverage 3Commas' innovative trading platform, featuring a variety of tools to optimize trading strategies in diverse market conditions, offering portfolio tracking, bot presets, demo trading, and a smart trade terminal, among other features, ultimately empowering traders with customized and automated crypto trading strategies.
Elevate Crypto Asset Security and Efficiency with Cobo
Bitget has forged a strategic partnership with Cobo SuperLoop to enhance security and fund protection for cryptocurrency investors. With this integration, Bitget users can securely trade on the exchange while storing their assets off-exchange using Cobo's advanced wallet technologies, offering peace of mind and improved security. Additionally, this collaboration enables users to execute cross-exchange transactions seamlessly and capitalize on arbitrage opportunities without the need to deposit funds directly onto the exchanges, reducing transaction costs and enhancing overall efficiency in crypto investments.
Driving Industry Growth
Expansion and footprints
Bitget constantly leads initiatives aligning with its vision of creating a more equitable future where crypto evolution reforms finance.
In Q3
Bitget, implemented its
latest rebranding initiative, focused on strengthening its position as a leader in innovative trading products. The rebranding centers around the "Trade smarter" philosophy, emphasizing Bitget's dedication to empowering individuals with intuitive tools for a secure, user-friendly, and efficient financial future. The vision is exemplified through Bitget's leading
copy trading feature as well as AI-powered tools to be introduced in the near future. With these features, Bitget aims to bring about change in the industry and create a win-win situation for different types of traders.
Moving into geographic expansion, Bitget unveiled its
expansion plans into the Middle East region. This involved hiring new staff members as part of the exchange's overall global scaling strategy, entailing the advancement of crypto penetration and adoption across new audiences. Among the countries the exchange is exploring are Bahrain and the UAE, including the crypto-friendly emirates of Dubai, Abu Dhabi, and Ras Al Khaimah.
In September, Bitget launched its
$100M EmpowerX Fund. The fund is dedicated to fostering the platform’s ecosystem development. Strategically designed to meet investment opportunities in regional exchanges, data analytics firms, media organizations and other entities that contribute to the growth of its ecosystem. Through strategic, targeted investments that foster long-term growth, Bitget aims to continually expand its ecosystem of services to better serve the evolving needs of users.
Bitget is actively pushing forward its decentralized strategies. Bitget announced
a $30 million investment in the decentralized BitKeep multi-chain wallet in March, which was later rebranded into the Bitget Wallet. This move makes Bitget the controlling stakeholder in the wallet, marking a significant step forward in the decentralized space. It has now been renamed as Bitget Wallet. In line with the new brand vision of "Faster Trading, Better Assets", the brand upgrade launches Bitget Swap, a new integrated multi-
chain trading feature that boasts intelligent DEX aggregation across 100+ DEXs with the best-in-class liquidity to provide users with the most optimal prices available.
Building WEB3 and future of crypto
Bitget also celebrated its
fifth anniversary this year with a dynamic lineup of initiatives and events for its ever-growing community of over 20 million users worldwide. The celebrations highlight four major focal points: KCGI competitions, EmpowerX Summit, and Smart Awards.
Bitget hosted its inaugural flagship event, EmpowerX Summit, in Singapore. The summit welcomed nearly 1900 esteemed guests, featuring more than 247 speakers and partners who engaged in profound discussions on the transformative potential of crypto and web3 ecosystems.
EmpowerX Summit marked a pivotal moment in Bitget's journey towards crypto empowerment. With keynote speakers such as Tim Draper, renowned venture capitalist and cryptocurrency advocate, Haseeb Qureshi, Managing Partner of Dragonfly Capital, and Justin Sun, Founder of TronDAO and more.
The Bitget Smart Awards encompass two segments — the Smart Money Awards and the Hero Trader Awards. Powered by the expertise of 0xScope, a distinguished name in blockchain analytics solutions, the Smart Awards cast a spotlight on exemplary investment activities through meticulous analysis of on-chain data.
Bitget was one of the main sponsors of
Token 2049 held in Singapore. Gracy Chen, our Managing Director, shared insights about the important trends of the industry together with other CEX representatives.
Editor's Choice
We believe in the power of crypto education. In this quarter, we released over 180 educational articles in 20 different languages on Bitget Academy, covering everything from in-depth guides and practical tips to market updates.
Looking for the best ones to read? Here are some suggestions:
Crypto ETF
Series
:
What is Crypto ETF,
Why are BlackRock and Fidelity’s Bitcoin ETFs Significant to the Crypto Market? and
Grayscale's Court Win Against SEC Sparks Hope for Bitcoin ETF.
Ethereum Birthday
Series
:
Bitget-Verse Series:
Closing Thoughts
After five years of innovation, Bitget is still committed to being the secure, one-stop trading hub for every crypto enthusiast, from beginners to veterans. If anything, the fast-paced cryptocurrency industry motivates us to bring our users even better products, services, and tools, thereby improving the overall user experience day by day. From our flagship product of Bitget Copy Trade to the wonderful BGB token, every element of the Bitget-Verse is interconnected and designed towards an equitable future. Choose Bitget, choose to reform the way finance works!
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