Markets
Crypto Trading Insights May 2024: Market grows by $420 billion as BitGet overtakes Binance
Derivatives trading market share by exchange
According to the CCData report, Bitget took a decisive lead in terms of derivatives market share development in April. Bitget’s share increased from 1.39% to 14.3%. Although Binance remains the largest derivatives exchange, its market share dominance has fallen from 2.22% to 44.4%.
Market momentum in April extended to Open Interest (OI) on derivatives exchanges. OI on these platforms fell 24.8% to $45.4 billion for the month.
Bitget also suffered a decline in this metric, with interest falling 27.8% to $5.94 billion. Despite this fall, Bitget is still doing better than Binance which experienced a fall of 34.4% to $16 billion.
According to Bitcoin funding rates, a measure of bullish sentiment among market participants, Bitget also maintained a major lead over Binance. The exchange’s BTC funding rate stood at 6.23% compared to 3.295% for Binance.
Conclusion
According to CCData analysis, the market underperformed in April. In addition to the recorded decline in spot and derivatives trading volume, CME volume also fell 19.8% to $124 billion. This is the first major fall since around November. As a result, monthly Bitcoin futures on CEX fell 17.7% to $101 billion.
However, with the introduction of Ethereum ETFs, this drop in CME trading volume could see a bullish reversal in June 2024.
In addition to the highly anticipated official launch of Ethereum ETFs, the upcoming US non-farm payrolls data due on June 7 as well as the Fed rate announcement scheduled for June 12, 2024 are key macroeconomic events to look forward to looking forward to it as the month goes on.