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Bitget Transparency Report: Q2 2023

Bitget Transparency Report: Q2 2023
Bitget is built upon a foundation of transparency, user-centric principles, and a commitment to sustainable development. We believe that all stakeholders reserve the right to access essential information about our operations, and our commitment to transparency is reflected in the Bitget Transparency Report.
We are excited to share with you our achievements for the second quarter of 2023 and the upcoming releases. Your trust in us is what inspires us to continue delivering exceptional products and services in the digital space.
We encourage you to take a look at our Q1 report to get a thorough understanding of what we have been working on since the start of this year.


• Bitget is Top 4 CEX in terms of crypto trading volume. Among the Top 5 CEXs, Bitget had the second highest increases in market shares, growing by 1.8% to 8.7%.
• Bitget spot market share doubled after 3 months with 81 new coins, while Bitget futures markets experienced the highest growth compared to other CEXs.
• Nansen identified Bitget as the only crypto exchange to increase its futures trading volume in the six months following FTX collapse.
• Bitget Token (BGB) soared to a new high of US$0.513378, continuing to be the best-performing CEX token in 2023.
• In Q2 2023, Bitget successfully completed crypto registration in Lithuania and registered as a Virtual Asset Service Provider in Poland.
• Bitget launched its Bitget Web3 Fund, with an initial investment of US$100 million. The fund will focus on investing in Web3-friendly venture capital and outstanding Web3 projects.
• Dragonfly, a global crypto-focused venture capital firm, has made a US$10 million strategic investment in Bitget.
• Bitget launched a corporate social responsibility (CSR) project — Blockchain4Youth, with a 360-degree approach with plans to invest US$10 million in the initiative over the next 5 years.
• Bitget sponsored the Foresight 2023 HongKong Summit, CoinBureau 2023 and hosted 12 offline events around the world.

Crypto Roundup: Major Movements and Legal Challenges

During the second quarter of 2023, the cryptocurrency market displayed a dynamic performance, marked by significant movements in key digital assets such as Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH). Institutional adoption, particularly in the U.S., boosted Bitcoin's comeback, and new ETF applications sparked the crypto revival, pushing Bitcoin past US$31,000 near the end of June - its highest level since last summer. The Shanghai Upgrade set Liquid Staking Derivatives (LSDs) as the biggest crypto trend of this year.
Nevertheless, this period wasn't without challenges. In early June, the Securities and Exchange Commission (SEC) sent shockwaves through the industry by filing lawsuits against some major crypto exchanges. These regulatory actions greatly affect the U.S. crypto landscape as well as the overall crypto markets.
Despite these challenges, the crypto industry continues to display a positive trajectory. With approximately a year remaining until the next Bitcoin halving, anticipation for a significant upswing or 'bull run' is mounting. The magnitude of this impact, however, will depend on how well the crypto industry prepares itself during the remaining time leading up to the halving event.

Bitget In Numbers

We at Bitget are proud to share our remarkable growth and achievements of the past quarter. We have been soaring high in every aspect of our business and outperforming in platform token performance, reserves, and futures trading volume growth.
We have been exploring new horizons with the diversification of offerings and lucrative opportunities, which results in increased user engagement, expanded partnerships, and a growing community of satisfied traders.

Trading Volume

In Q2 2023, Bitget has continued to deliver significant growth in the cryptocurrency market, with our tota l trading volume reaching US$60 billion for spot trading, representing 3% QoQ growth while the the top 20 exchanges experienced a significant 36% drop compared to the previous quarter according to Coinmarketcap. The total trading volume of the top 10 derivatives exchanges in Q2 2023 was US$6.7 trillion, a decrease of 15% compared to Q1. Bitget's futures trading volume was approximately US$606 billion in the second quarter, representing a minor 8% decrease, with smaller decline compared to the industry.
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According to the TokenInsight Crypto Exchange Report 2023 Q2, the combined market share of top 4 exchanges - Binance, OKX, Bybit and Bitget - makes up more than 85% of the total market. Among them, Bitget had the second highest increases in market shares, growing by 1.8% to 8.7%.
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In terms of spot markets, both Bitget and Coinbase experienced a rise in market share. Bitget started Q2 with a 3% market share, which jumped to 6% by the end of the quarter. When it comes to derivatives trading, the open interest in Q2 2023 increased by 12.5% compared to the previous quarter, reaching US$27 billion by the end of Q2. And Bitget has seen the most significant increase in this sector, from 10.46% to 11.84%.
Moreover, in a recent study by blockchain analytics firm Nansen, Bitget emerged as the only crypto exchange to increase its futures trading volume in the six months following FTX collapse. This is particularly noteworthy, especially when other exchanges since 2022 have been experiencing a downturn in derivatives trading and declining volumes. With its remarkable growth and achievements, Bitget has gained recognition within the industry. Dragonfly, a global crypto-focused venture capital firm, recently made a US$10 million strategic investment in Bitget.
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In the last three months, Bitget has seen an increase in both website and mobile traffic, recording a total of 34.7 million visits for Q2, reflecting a 5% increase from the previous quarter while the whole industry traffic dropped by 11% . This is a testament to the growing trust and interest that users have in our platform. On average, each visitor checks out at least 7 pages on our site, showing that we have a vast variety of products and services through which anyone can find their perfect fit. We are open to receiving feedback to improve user experience continuously.
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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 500+ spot trading pairs and 570+ futures trading pairs. As if that weren't enough to capture the attention of even the most discerning crypto enthusiasts, we have added 81 new listings in this quarter alone. Among the standout performers, HAHA, ORDI, CAL, TURBO, and MONG have mesmerized traders with respective gains of 2,882.4%, 1,649.2%, 1,007.16%, 921.36%, and 876.04%. The categorization of tokens as well as these successful new listings effectively brought in new waves of interested traders, hence the steady increase in Bitget Spot Trading’s monthly volume as shown in the chart above.
Bitget Spot users can now grow your portfolio with Bitget Spot Auto-Invest and Bitget Spot Martingale. Bitget Spot Auto-Invest ensures a steady stream of crypto investments, eliminating emotional decision-making and market fluctuation impact and, at the same time, leveraging the power of compound interest. The Bitget Spot Martingale feature, on the other hand, provides a seamless investing experience with automated AI trading bots implementing your chosen strategies. It comes with customizable options and regular progress updates, ensuring ultimate transparency and control. These user-friendly features are meant to streamline the investment process for Bitget Spot users while helping save time and potentially boost returns in the unpredictable crypto market.
Q2 2023 was nothing short of a crypto feast at Bitget Launchpad. The fundraising stars ZZZ and BIP1 showered their early investors with sensational returns of 2,782% and 341.2%, respectively. Amidst this exhilarating profit spree, Bitget Launchpool served as a fertile ground for innovation, with 12 projects open for staking during the period between April and June. Furthermore, our airdrop campaigns distributed a whopping total of US$2.05M to the community over the three-month period, adhering to the crypto tradition of onboarding the mass via free tokens.

Bitget Token (BGB)

In the past three months, BGB has displayed exceptional performance. It did not only outperform all tokens in the Top 10 biggest cryptocurrencies by market cap, but also came in as one of only three exchange tokens that ended Q2 with a big jump of 23% QoQ. Its quarterly high also rose by 8.1% to US$0.513378.
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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. On June 29th, it approached its previous peak, reaching approximately US$0.50, which stands as its best-ever price. At the time of writing BGB is priced at US$0.47.
When considering the year-to-date performance, Bitcoin has seen an 84% increase, while BGB has soared by an impressive 162%. This means that BGB has outperformed Bitcoin by 91% in terms of value. According to the data from TokenInsight Report, BGB still led all exchange tokens in Q2 like it did in Q1. Except for LEO and OKB, all other CEX platform tokens had a negative return.
But that's not all. Data shows that more and more people are trading BGB. In fact, the volume of BGB traded in the last three months soared by almost 80% to US$1,329,707,418.
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It's not just the price that's soaring; demand for BGB is shooting up just as fast. By the end of June, the number of BGB holders was 305,653, marking a growth of 133% in a short span of only three months.
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Why the success with BGB? It's simple. Investing in BGB ties your benefit to the growth of the Bitget ecosystem. Bitget flourishes and so does your BGB investment. With BGB, you can unlock perks from the exclusive IEOs on Bitget Launchpad to the token earnings, daily prizes, and discounted crypto purchasing opportunities of Bitget VIP Program.

Copy Trading

Launched in 2018, Bitget is the first and the largest platform to offer copy trading to the market. Our Q2 2023 results speak for themselves: 9,033 new elite traders, 85,255 new followers, and US$33 million in total profits generated through copy trading. With Bitget, the future of crypto trading is here.
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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 skyrocketed by an impressive 158% to 1.58 million. A special shout-out to our Twitter community, which has hit the impressive milestone of 1 million followers! We're incredibly grateful for your support and look forward to continuing to serve you with our timely notice and insightful discussions.

Better Protection, Strict Compliance

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 second quarter below, we can see a clear 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 monthy snapshot since launching the initiative , with Bitcoin and Ethereum reserve ratio never falling below 450% and 150%, respectively. In the case of stablecoins, we are definitely one of the CEXs with the highest reserve ratio for USDC (don’t forget that we also accept USDC as a margin option for our Bitget USDC-Ⓜ Futures) and our USDT holdings are kept close to the US$500,000,000 mark.
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We are committed to maintain the US$300 million (6,500 BTC plus 160,000,000 USDT and 40,000,000 USDC) value for the Bitget Protection Fund by transferring more assets to the fund if the price of Bitcoin is to plummet. Our daily tracking of the Bitget Protection Fund shows that its value remained above US$300 million in the second quarter, and Bitcoin's price soaring to US$30,000 near the end of June made the fund’s book value skyrocketing to nearly US$400 million.
Here at Bitget, we have a dedicated compliance team who works closely with local authorities to bring forth a prompt response to any regulatory change. In this quarter, Bitget expanded our global presence by obtaining licenses and completing crypto registration in Lithuania. Lithuania's favorable environment for cryptocurrency and blockchain ventures has made it a preferred location for companies seeking to establish legal entities for crypto-related businesses. Besides, we have achieved a noteworthy milestone in our expansion efforts in the European Union (EU) region by successfully registering as a Virtual Asset Service Provider (VASP) in Poland. This move further showcases the company's commitment to upholding the highest standards of compliance and credibility.

Expansion Of Products

Bitget has recently introduced Liquid Staking Derivatives (LSDs) as a margin option for Bitget Coin-Margined Futures and thus become the first centralized exchange to offer such an option. This feature offers users greater flexibility and diverse trading strategies, which we believe will foster further innovation and growth in the cryptocurrency derivatives market as well as the LSD sector. At Bitget, we are excited to be one of the frontrunners in introducing this state-of-the-art feature and are dedicated to providing our valued users with the most advanced trading options and tools that are currently available.
We have also introduced the Martingale AI strategy to our existing lineup of trading strategies. By leveraging the power of AI, we aim to help our traders achieve their goals trouble-free in the shortest time.
The latest addition to our range of services is the Multi-Chain EVM-Compatible Address support. This cutting-edge technology connects various blockchain networks and allows users to withdraw directly to their EVM address without the need for intermediary features.
In April, Bitget launched the BGB Lottery as the next planned step of the BGB roadmap. Participants who successfully engaged in the BGB PowerLotto had the chance to enjoy a share of the daily prize pool! Thanks to the newly launched Super Airdrop feature that went live on May 8, 2023, BGB holders are automatically qualified for airdrops of newly listed tokens on Bitget Spot Trading and therefore earn the right to receive trendy tokens for free without any hassle.
We are continuously working to provide the best possible support for users as the community is always at the forefront of our minds. We recently announced exciting upgrades to our Broker Program on June 6, 2023. Prior to this, our upgraded referral program has brilliantly captured the attention of the crypto community as well. These upgrades offer additional benefits and support to Bitget supporters, allowing them to provide even more value to our community.
At the end of June, we announced the launch of Bitget TR, our Turkish website that is designed to cater to users in Turkey with localized services. This dedicated platform is the latest addition to our Bitget family, and it will further expand our brand's presence globally, with a particular emphasis on the fast-growing local market.

Win-Win Partnerships

Bitget, as the official Search Partner for the show Killer Whales, is dedicated to bringing Web3 closer to mainstream audiences. What we have in common with HELLO Labs, the Web3 entertainment company behind the show, is our serious effort to identify and support companies and entrepreneurs with exceptional potential to drive industry transformation.
It has been announced that Bitget is set to join the Clear Loop network by integrating with Copper, making it the sixth leading exchange to do so this year. This integration means that institutional users of both companies can keep their assets on Copper's infrastructure while simultaneously trading on Bitget. The assets are deposited on the Copper platform and then linked to a Bitget account, which instantly reflects the balance and allows for active trading across 450 coins and 580 trading pairs. Any discrepancies in the balance between the two accounts are automatically settled, ensuring a seamless experience for clients.
On June 24, we celebrated the birthday of our esteemed partner and soccer icon, Lionel Messi, in a truly one-of-a-kind and artistic way. Bitget arranged for a stunning graffiti wall to be created in Buenos Aires, Argentina with various portraits of the legendary Messi. We thank Messi for sharing the same vision of promoting the widespread adoption of cryptocurrencies.

Driving Industry Growth

Bitget is actively driving crypto adoption through various initiatives and community engagement. We keep engaging with the blockchain community and recently had the pleasure of having Bitget as a guest speaker at various events. We provided valuable insights on the integration of blockchain and cryptocurrencies into the global economy, which is undeniable.
Bitget launched a corporate social responsibility (CSR) project — Blockchain4Youth. The project aims to create a blockchain future by empowering and inspiring younger generations to use Web3 and сrypto tools to create and engage in a decentralized space. To support the youth and encourage their involvement in blockchain technology, Bitget is adopting a 360-degree approach with plans to invest US$10 million in the initiative over the next 5 years. The project's initial phase involves offering blockchain courses and certifications through Bitget Academy, as well as hosting campus lectures in partnership with renowned universities worldwide. We officially launched its blockchain courses through Bitget Academy in late May.
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Bitget launched its Bitget Web3 Fund, with an initial investment of US$100 million. The fund will focus on investing in Web3-friendly venture capital and outstanding Web3 projects.
Bitget proudly served as the title sponsor of the well-attended Foresight 2023 HongKong Summit on April 10, which garnered a remarkable online impression of 12 million. During the event, our Managing Director Gracy Chen participated in a fireside talk named "Hong Kong, from financial center to Web3 Land." Bitget continues to host a series of offline events around the world in May, such as the VR soccer VIP Day in Madrid for 30 KOLs on May 14, the India Blockchain Tour in Delhi for 100 guests on May 27, and the Bitcoin Bay meetup in Canada on May 15 and 29. Additionally, Bitget organized offline Bitcoin Pizza Day activities in Dubai, Brazil, Taiwan, and Toronto on May 22.
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Have you heard about the latest crypto events that took place this June? Bitget was the proud main sponsor of CoinBureau 2023 held on June 10 in London. Over 3,000 crypto enthusiasts joined the event and were captivated by the keynote speech given by Gracy, which focused on the significant growth of copy trading platforms and how it aids in the mass adoption of cryptocurrencies.
But that's not all! Bitget also hosted some incredible offline events for VIPs and global users during June. These included the India Blockchain Tour in Mumbai on June 3 for 100 guests, a virtual meme coin sharing session by our research team for the China region on June 14 for 50 VIPs, a beachside meet-up for 70 guests in Rimini, Italy on June 16, a yacht party for 20 VIPs in Yokohama, Japan on June 17, a yacht party of 20 VIPs in Dubai on June 23 to celebrate Messi's birthday, a yacht party for 20 VIPs in Kobe, Japan on June 24, and finally, the Australia user meet-up for 200 guests with Culture Vault and Women in Blockchain to kickstart the Australia Blockchain Week on June 25.
Bitget Academy was established with the mission of bringing expert knowledge to the masses. In Q2 2023 only, we have released nearly 200 educational articles in 20 different languages, covering everything from in-depth guides and practical tips to market updates. Some good articles you shouldn’t miss:
In order to further assist beginners on their crypto journey and help prepare the younger generation for the next stage of blockchain technology, we have launched the Bitget Academy Blockchain Fundamentals Course in May with three digestible modules - you will receive a certificate after passing each module!

Closing Thoughts

Bitget was founded with a mission to adhere to Nakamoto's ideology of creating a fairer and more democratic financial system and inspire individuals to embrace crypto with simple yet powerful tools. The name Bitget is a combination of ‘Bit' in ‘Bitcoin' and ‘get'. Now, as an ever-evolving ecosystem of innovation, Bitget continues to merge crypto and TradFi, with the support of loyal Bitgetters and all crypto advocates out there. Expect only the best from us, as we are one of the exchanges leading an epic journey in crypto advancement.