Bitget Q1 2023 Transparency Report: Global market capitalization exceeds $1.2 trillion, BGB increased by 120% this quarter
A review of Bitget's achievements in the first quarter of 2023.Source: Bitget
Bitget has always adhered to the principles of transparency, customer-centricity, and long-termism. Therefore, we will regularly publish transparency reports. Below is a review of Bitget's achievements in the first quarter of 2023, along with relevant analytical insights. The report also covers the price increase of its native token BGB, product launches, and overall ecosystem optimization.
Report Summary
• The crypto market revived in Q1 2023, with a global market cap exceeding $1.2 trillion;
• Bitget ranked 4th in the exchange rankings by TokenInsight, achieving growth in various aspects;
• BGB saw a price increase of 120% this quarter, outperforming all other exchange tokens;
• Bitget's reserve ratio increased from 223% on December 20, 2022, to 246% on April 3, 2023;
• Due to the rebound in Bitcoin prices, the value of Bitget's protection fund rose from $300 million at inception to over $380 million;
• Bitget launched 105 new spot trading pairs and introduced spot copy trading and asset custody services;
• Bitget is committed not only to industry development but also to social responsibility. This quarter, Bitget donated to the victims of the earthquake in Turkey and partnered with the Juventus women's football team.
Crypto Market Continues to Warm Up
After experiencing several black swan events, the sluggish crypto market began to show signs of recovery: compared to Q4 2022, the global crypto market cap surged by 48.9% at the end of March, returning to the $1 trillion mark. Just 13 days into 2023, Bloomberg reported: "Crushed crypto funds suddenly beat all other ETFs"; Blur revitalized the NFT market with its innovative model and first super airdrop;the DeFi growth rate for liquidity investment derivatives (LEDs) reached 210.9%, with a market cap of $4.2 billion. These all signify the end of the crypto winter; Bitcoin prices rebounded to $28,000, and Ethereum returned to $1,700 for the first time since June of last year, indicating a warming trend in the crypto market.
Bitget's Data Achievements
From DeFi to CeFi, from copy trading to wealth management services, Bitget has rapidly developed in various aspects this quarter, putting in 1000% effort to surpass itself. Here are some of the data achievements Bitget made in Q1:
- Traffic
With the new bull market cycle on the horizon, market sentiment and expectations have risen. Bitget's website and mobile traffic reached 33.1 million in Q1, a month-on-month increase of 35%.
Data Source: Similarweb
- Trading Volume
Bitget continuously brings more liquidity to the market and users. In Q1 2023, the trading volume for the spot and futures markets reached $59 billion and $658 billion, respectively. Among them, Bitget's spot trading volume increased by 8% month-on-month, while the total trading volume of Bitget USDT futures, Bitget USDC futures, and Bitget coin-margined futures increased by 27% month-on-month. According to TokenInsight's report, Bitget ranked 4th among centralized exchanges in terms of comprehensive trading volume in Q1 2023.
It is noteworthy that although Bitget's spot trading volume continues to grow, it still only accounts for about 10% of Bitget's total trading volume, while other leading exchanges have this ratio at around 20% - 25%. This indicates that Bitget's spot business still has significant growth potential, and Bitget will continue to explore quality assets in the industry.
Data Source: CoinGecko
- New Assets
Bitget's spot market added 105 new tokens this quarter, bringing the total number of tokens to over 500. The top five tokens with the highest price increases are BLUR (+119,900%), CORE (+23,350%), HALO (+14,843%), ARB (+11,900%), and ID (+7,900%). Notably, Bitget's spot trading can now also utilize copy trading features!
Additionally, Bitget Launchpad and Launchpool have also contributed to new tokens. In Q1 2023, Bitget Launchpad listed PandaFarm (BBO) and Haloworld (HALO), with early investors in BBO receiving a return of 5820% from the token's historical peak, and HALO NFTs having a floor price of 0.399 ETH on OpenSea. Both have brought substantial returns to Bitget users.
From January to March 2023, Bitget Launchpool launched 14 projects available for staking, with the rewards distributed at the end of each month (estimated based on the token closing price on the last day of each month) being: January 19,214 USDT; February 77,212 USDT; March 171,458 USDT, averaging nearly 90,000 USDT in rewards per month.
- Bitget Token (BGB)
BGB is one of the few tokens that reached an all-time high in Q4 2022, with a price of $0.238136 on October 21. Since 2023, BGB has been on a roll, setting new highs for four consecutive weeks: $0.221995 (January 23 to January 29), $0.223903 (January 30 to February 5), $0.391977 (February 6 to February 12), and $0.515241 (February 13 to February 19).
According to TokenInsight data, BGB increased by 120% in Q1 2023, surpassing not only Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) but also all other exchange tokens.
Data Source: TokenInsight
This year, the rise in BGB prices has driven an increase in its trading volume, especially in February when BGB's trading volume soared to $315.6 million, a 225% increase from January, and further rose to $326.9 million in March.
Data Source: Coingecko
As BGB prices continue to rise, the number of its holders (Hodlers) is also increasing. By the end of March, the number of BGB holders reached 229,732, a 146% increase in just three months.
Data Source: Bitget
BGB's outstanding performance is attributed to Bitget's continuous expansion of BGB's application scenarios. At the end of Q1, the official BGB white paper provided the latest roadmap for BGB. The white paper also introduced new features for BGB, including BGB Lotto, zero withdrawal fee staking for BGB, and a new VIP system related to BGB.
- Copy Trading
As the world's first crypto exchange to launch copy trading services and currently the largest copy trading platform, Bitget has been actively promoting copy trading services to lower the entry barriers for new users in the crypto world. In the first three months of 2023, Bitget added 20,669 traders and 84,552 copy trading users. In Q1 2023, the total profit generated through Bitget's copy trading reached $41 million.
- Community Growth
Bitget places great importance on community feedback and actively interacts with users across various platforms. In Q1, Bitget's overall follower count on Twitter, Instagram, Facebook, TikTok, and YouTube grew by 181%, from 561,000 to 1 million. Bitget's official TikTok channel gained nearly 200,000 followers in just two months!
- International Team
All of these achievements are supported by a strong team. Bitget closely monitors the crypto market and continuously expands its talent pool. By the end of Q1, Bitget's global workforce grew from 1,000 to 1,300 employees, with staff spread across more than 60 countries and regions. Additionally, Bitget currently has 300 job vacancies in R&D, compliance, business development, operations, and customer support.
User Security and Assurance
User-centric, Bitget launched a $200 million protection fund in August 2022, being one of the first exchanges to introduce such a fund. Meanwhile, the collapse of FTX at the end of 2022 highlighted the importance of maintaining openness and transparency in crypto exchanges, especially regarding user fund security.
In response, Bitget promptly released the Bitget 100% Reserve Proof, and the total reserve ratio has been increasing: from 223% on December 30, 2022, to 227% on January 31, 2023, and from 231% on March 6, 2023, to 246% on April 3, 2023. Notably, Bitget also increased its USDC reserves in Q1 2023 to enhance transparency.
Data Source: Bitget
After the FTX incident, Bitget raised the value of its protection fund to $300 million (including 6,500 BTC, 160 million USDT, and 40 million USDC), and pledged to inject more funds to maintain the value of the fund if price fluctuations cause its value to drop below $300 million. Data shows that in Q1, the fund's value consistently remained above $300 million, and with the rebound in Bitcoin prices, the fund's market value rose to around $380 million by the end of March.
Data Source: Coingecko
New Product Launches
Market fluctuations do not change our original intention to create quality products. In Q1, we continuously iterated existing products and launched new services based on user needs.
Protecting users' assets is always our top priority. In January this year, Bitget launched asset custody services to provide the highest level of protection for users' funds. Following the great success of Bitget's copy trading, we also introduced Bitget's spot copy trading, where followers can receive guidance from professional traders and replicate their trading strategies.
Bitget has launched various new investment products to meet the needs of different types of investors. Through Bitget Launchpool, users can earn tokens by staking BGB and other cryptocurrencies. However, if you are not a risk-taker, you can turn to Bitget SharkFin to protect your principal, or choose Bitget's dual investment to select high sell and low buy at the end of the subscription, or Bitget Trend Smart Earnings to speculate on the next market trend to make big profits.
Expanding Win-Win Partnerships
Bitget is the first centralized exchange to partner with Space and Time (SxT), a leader in the decentralized database field, providing verifiable tamper-proof audits for our reserves. Through collaboration with SxT, Bitget's transparency will be further enhanced.
This quarter, Bitget partnered with six major data platforms, including Coin 360, Nansen, Aggrtrade, the KINGFISHER, LAEVITAS, and Hoptrail, completing the integration of Bitget data. Additionally, we completed the TradingView integration, making derivatives trading for Bitget users simpler and more efficient.
Promoting Crypto Industry Adoption
At Bitget, we aim to promote the adoption of crypto assets globally by disseminating high-quality industry knowledge and continuously launching innovative products, leveraging Bitget's position in the industry to create a more positive impact on the community.
Participating in Blockchain Forums Worldwide
Bitget continues to receive invitations to global blockchain events, promoting the integration of blockchain with the global economy. In Q1 2023, we attended Dubai Blockchain 2023 and the Blockchain Economy London Summit, both held on February 27-28.
Bitget General Manager Gracy Chen at the Dubai Blockchain Conference in 2023
Bitget UK Market Manager attending the Blockchain Economy London Summit
- Demonstrating Social Responsibility
On February 6, a severe earthquake struck the Pazarcik and Kahramanmaras regions of southern Turkey, drawing global attention. Bitget was one of the first exchanges to respond, donating 1 million Turkish Lira to the affected areas and actively providing assistance locally.
Additionally, Bitget announced a partnership with the Juventus women's football team to inspire and support women globally. At Bitget, female managers account for 40%, and we hope that by sponsoring the Juventus women's team, we can encourage women in all fields to break gender barriers and become their best selves.
- Driving the Future with Education
We believe in the power of crypto education. This quarter, we published over 200 educational articles in 20 different languages on Bitget Academy, covering everything from in-depth guides and practical tips to market updates.
Conclusion
In 2008, Satoshi Nakamoto published a paper on the "peer-to-peer cash system," known as the Bitcoin white paper. Ten years later, in 2018, Bitget was born. The name Bitget is a combination of "Bit" from "Bitcoin" and "get," meaning that Bitget's mission has always adhered to Satoshi's vision of creating a fairer and more democratic financial system—encouraging everyone to embrace crypto assets. As we enter the second quarter, Bitget will continue to promote and lead the integration of the crypto world with traditional finance alongside our users.
