Bitget Ranks Third among Crypto Exchanges for Capital Inflows in Q2

Although
Bitget is not the largest cryptocurrency exchange in terms of total volumes, it
closed a favorable quarter. From April to June, the platform ranked third in
net capital inflow and showed the strongest market share growth compared to its
competitors.

Investors
transferred $700 million to Bitget in the second quarter, and activity on the
platform increased by nearly 50%.

The
exchange experienced a surge in user funds, with Bitcoin (BTC), Tether (USDT),
and Ethereum (ETH) holdings increasing by 73%, 80%, and 153%, respectively,
over the first six months of the year. This growth coincided with the
addition of 2.9 million new users to the platform.

This placed
Bitget among the top exchanges with the highest net positive inflows in the
past quarter. Only Binance, which remains the market leader, and Bitfinex
achieved better results in this category.

Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2!👏 pic.twitter.com/UzxthwC4D8

— Gracy Chen @Bitget (@GracyBitget) July 9, 2024

According
to CCData’s latest H2 Outlook Report, the exchange also reported the largest
market share growth among centralized exchanges, increasing by 38.4% from H2
2023 to H1 2024.

Bitget’s
spot trading volume saw a visible uptick too, rising from $28 billion in Q1 to
$32 billion in Q2, marking an increase of over 10%. The platform’s
monthly visitors reached 10 million. Although its volumes are increasing, Bitget still does not rank among
the top 10 cryptocurrency exchanges in terms of spot trading.

The changes occurring in the centralized cryptocurrency exchange market show that competition is becoming increasingly intense. An example of this is the recent surge in popularity of Bybit, which has become the second-largest exchange in terms of spot trading volumes.

Sport Sponsorships and New
Products

Gracy Chen, Source: LinkedIn

Gracy Chen,
CEO of Bitget, commented on the quarter’s performance, stating, “Q2 2024
has been a pivotal period for Bitget. Our collaboration with Turkish athletes
along with significant growth in users and website traffic is a part of our
global expansion.”

In a move
to expand its global presence, Bitget
partnered with three Turkish national athletes as part of its #MakeItCount
campaign, featuring Lionel Messi. The agreement with famous footballer was
signed back in February, to build a brand presence in Latin America.

The
exchange also launched a $20 million TON Ecosystem Fund in collaboration with
Foresight Ventures to support early-stage projects on The Open Network.

The
exchange introduced two new initial token listing products, PoolX and
Pre-market, which collectively launched over 100 projects. What is more, Bitget’s
native token, BGB, was recognized as the best-performing centralized exchange
token in June and was ranked in the top 10 cryptocurrencies by Forbes.

In its
latest move, the cryptocurrency exchange aimed to become a regulated player in India.
This announcement comes as the most populous democracy grapples with the
complexities of integrating cryptocurrencies into its financial ecosystem.