Markets
Crypto Trading Insights May 2024: Market Rises by $420 Billion as BitGet Surpasses Binance
Derivatives trading market share by exchange
Regarding the change in derivatives market share for 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 dropped from 2.22% to 44.4%.
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 decline in this metric, with interest falling 27.8% to $5.94 billion. Despite this decline, Bitget still fares better than Binance which saw a fall of 34.4% to $16 billion.
According to Bitcoin funding rates, a measure of bullish sentiment from market participants, Bitget also maintained a major lead over Binance. The exchange’s BTC funding rate was 6.23% versus Binance’s 3.295%.
Bottom line
According to CCData analysis, the market underperformed in April. In addition to the drop in spot contract and derivatives volume, CME volume also fell 19.8% to $124 billion. This is the first major decline 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 decline in CME trading volume may see a bullish reversal in June 2024
Aside from the long-awaited official launch of Ethereum ETFs, the next US non-farm payrolls data expected on June 7 and the Fed rate announcement expected on June 12, 2024 are key macro events to look forward to over the course of the month.