Ethereum

Arbitrum

May was a standout month for the crypto markets, rocked by several economic events and the excitement around Ethereum spot ETF approvals. This marked a unique time for investors who moved their chess pieces from the hustle of short-term trading to the more calculated lanes of long-term investments. During this period, Bitget was thriving. The exchange nailed it by hitting the highest one-month derivative inflows in its history.
<h2 class="wp-block-heading" id="bitget-makes-a-strategic-triumph">Bitget makes a strategic triumph</h2>
According to the latest scoop from <a href="https://ccdata.io/reports/exchange-review-may-2024" rel="noopener noreferrer nofollow" target="_blank">CCData</a>, while May saw a general dip in combined spot and derivatives trading volumes by 20.1%, totaling a massive $5.27 trillion across centralized exchanges, there was a striking contrast in the derivatives market.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeSvjSADcO6NUjOaCsAO-Nd5bzJngNBD2A21FCb6Mi-lX61iUJ0NFAG44zFUKMvezg5L0rPyGxqK0_20vdDUECJ2ExyDMYFk5fKeu33DyBtWjDyy1r6fxBMPgCeMDR1uaLsnzbOct_81Yyad-w_Tl7xdgw?key=sJHn0MUgSSvpIrgKteRvxw" alt="">
 <figcaption class="wp-element-caption">Source: CCData
 </figcaption>
</figure>
Here, open interest swelled by an eye-popping 30.5%, topping off at $55.2 billion. Bitget was right in the thick of it, with its derivatives trading inflows swelling to a staggering $975.4 million. Bitget’s open interest saw a surge of 39.2%, reaching a whopping $9.74 billion.&nbsp;
Over the past year, Bitget has seen a huge expansion in spot and derivatives trading. Here’s a kicker—its native token, BGB, has been outperforming like a champ among centralized exchange tokens. At press time, it was trading at $1.16, with a market cap ballooning to $1.63 billion and a 24-hour trading volume of $111 million.
<h2 class="wp-block-heading" id="meme-coins-dominate-the-derivatives-market">Meme coins dominate the derivatives market</h2>
Zooming out on the entire derivatives market, we see that Bitcoin’s dominance has decreased by -1.24% to 54.16%. Open Interest in derivatives has increased by +1.90% to $64.34 billion, but the twenty-four Futures Volume has decreased significantly by -19.08% to $152.56 billion.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeSpwGvyBY_5krP2KsqKZX-Lj1WHAnLxRW_28QFF9pOGZR-ww9dMHYAzufziQ-fyVnSfdBbovXy80NfNPmY-OfUeDC2snC6-DjtM5hZ6DeaYAFeH_Y1AczRGCytla-fo5sguRXRfV-Y3CMGKhMek_SIsqYT?key=sJHn0MUgSSvpIrgKteRvxw" alt="">
 <figcaption class="wp-element-caption">Source: Coinglass
 </figcaption>
</figure>
There’s also been a massive decrease in liquidations. Total options open interest has increased by 2.1% over the past day. Coingass data shows an overall bullish trend across all categories, with a notable average increase of 3.62% in prices for all cryptocurrencies.
Particularly, the Ethereum Ecosystem has also experienced a 4.64% increase in open interest despite a slightly lower price gain of 2.81%. Meme coins have outperformed all segments in terms of price changes, surging by 6.40%. However, this category also faces massive liquidations.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfX5qTDKzTPaBRA6AB2YUVxuzG43yRykXz0moBCwcnlrgOOnXW1iZCpcn7o_kogvuxbr3WScYzM5NhIFPxoFmn6qcYqZXygdYsMPABSFZXj5ZxLZmlnqWqTYLlbuQROnbQi01hvZqamTaluSk8rSdhQGb75?key=sJHn0MUgSSvpIrgKteRvxw" alt="">
 <figcaption class="wp-element-caption">
 Source: Coinglass
 </figcaption>
</figure>
On the other hand, Arbitrum has also seen remarkable interest, with the highest increase in open interest of 9.89%. However, its trading volume has dropped, hinting at a more cautious approach from traders.
Across the board, funding rates have remained low, suggesting a balance between long and short positions in the market. This indicates a stable trading environment with no bias towards the bulls or the bears in the near future.
Jai Hamid

Bitget hits a record high monthly inflow in derivatives

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