Bitget, the world’s leading cryptocurrency exchange and Web3 company, has navigated the challenges of May with notable success, solidifying its position as a top derivative exchange.

Despite a general decline in trading volumes across centralized exchanges, Bitget recorded the highest capital inflow and a significant surge in open interest.

According to CCData’s report, the combined spot and derivatives trading volume on centralized exchanges fell by 20.1% to $5.27 trillion in May. This decline followed events such as the Bitcoin Halving and BTC ETF announcements.

However, Bitget bucked the trend with an impressive 39.2% increase in open interest, reaching $9.74 billion. This performance underscores Bitget’s robust market standing and resilience.

Bitget also achieved a significant milestone by recording the highest one-month inflow among all centralized exchanges in May. On-chain data from DeFiLlama indicated that Bitget attracted $975.4 million in capital during this period.

This substantial influx of funds highlights Bitget’s attractiveness to investors and its leading position in the cryptocurrency exchange landscape.

In May, Bitget significantly expanded its asset selection, listing 62 new tokens. This strategic move sparked increased trading volumes and investor interest.

Among the top-performing additions, tokens such as $TURBO, $MNTC, $CEL, $LIFEFORM, and $WOJAK experienced remarkable gains ranging from 260% to 1430%. This proactive approach in meeting market demands highlights Bitget’s potential for offering lucrative returns within its ecosystem.

Additionally, Bitget listed 19 new tokens on PoolX, attracting 120,381 participants who staked a total of 427 million USDT throughout May. PoolX listed 21 tokens in total, with standout gains from UDS (86%) and DOGEMOB (26%), along with significant market cap increases for ATS (46%) and APRS (17%).

The average annual percentage rate (APR) of 10%-45% further contributes to the product’s growing demand and success.

Bitget’s ability to attract significant capital inflows and achieve growth in open interest amidst a declining market demonstrates its strategic positioning and robust platform capabilities.

The exchange’s focus on expanding its asset selection and offering innovative products like PoolX has positioned it as a preferred choice for investors seeking high returns and diverse investment opportunities.

With the cryptocurrency market continuing to evolve, Bitget’s proactive strategies and commitment to meeting market demands will likely sustain its growth trajectory.

As Bitget continues to expand its offerings and enhance its platform, it remains a key player in the global cryptocurrency exchange arena.

The post Bitget sees open interest surge 39.2% in May, reaching $9.74 billion appeared first on Invezz

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