Markets
Crypto Trading Insights May 2024: Market Surges $420 Billion as BitGet Overtakes Binance
Participation in the derivatives trading market by exchange
According to the change in derivatives market share in April, Bitget took the decisive lead, according to the CCData report. Bitget’s share increased by 1.39% to 14.3%. Although Binance is still the largest derivatives exchange, its market share dominance has fallen by 2.22% to 44.4%.
The market dynamics 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 drop in this metric with interest falling 27.8% to $5.94 billion. Despite this drop, Bitget still fares better compared to Binance, which saw a 34.4% drop to $16 billion.
According to Bitcoin funding rates, a measure of bullish sentiment among market participants, Bitget also maintained a large lead over Binance. The exchange’s BTC funding rate was 6.23% against Binance’s 3.295%.
Conclusion
According to CCData’s insight, the market underperformed in April. In addition to the drop in spot and derivatives volumes, CME volume also fell 19.8% to $124 billion. This is the first major drop since November. Similarly, monthly Bitcoin futures on CEXs fell 17.7% to $101 billion.
However, with the introduction of Ethereum ETFs, this decline in CME trading volume could see a bullish reversal in June 2024.
In addition to the long-awaited official launch of Ethereum ETFs, the upcoming US non-farm payrolls data expected on June 7th, as well as the Fed rate announcement expected on June 12th, 2024, are important macro events to watch throughout the month.