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Bitget stock token AUM surpasses 100 million USD, with a cumulative trading volume exceeding 670 million USD

Bitget announced that its stock token (rToken) product has surpassed $100 million in assets under management (AUM) one month after launch. As of July 6, the number of users participating in related asset trading has exceeded 100,000, with a cumulative trading volume of $671.37 million.In terms of asset distribution, rSPCX is currently the rToken with the highest TVL, accounting for 23.51%; rCSCO and rNVDA follow with 17.75% and 13.38%, respectively. Overall rankings indicate that early rToken demand is primarily driven by high-profile private market assets and technology-related targets, with AI infrastructure assets becoming a significant demand cluster, covering areas such as networking, chips, storage, and semiconductors.It is reported that rTokens, identified by the letter r + stock code (for example, NVIDIA is rNVDA), are issued by Reality, a licensed RWA protocol under Bitget, and are directly connected to global liquidity pools such as NASDAQ and NYSE through collaboration with compliant broker Alpaca. Their features include: 1:1 reserves of underlying assets managed by licensed custodians, stock dividends distributed in token form on a 1:1 basis, support for corporate actions such as stock splits and consolidations, and positions that can serve as joint collateral for unified accounts and U-based contracts, allowing users to flexibly manage funds while holding global stock assets.

Analysis: Bitcoin rebounds but spot trading volume is rapidly shrinking, and the risk of long squeeze in derivatives is accumulating

Crypto analyst Murphy pointed out that during Bitcoin's rebound from $58,000 to nearly $64,000, the relative trading volume of spot transactions quickly declined. A rebound lacking support from spot demand is difficult to establish a basis for a trend reversal and often represents merely a sentiment-driven recovery, necessitating attention to the sustainability of the rebound.On the positive side, the USDC/USDT exchange rate fell from 1.001 to 1.0006, indicating that the intention to exit is weakening and trading intentions are recovering. Although mainstream stablecoins on trading platforms are still in a state of net outflow, the outflow magnitude continues to narrow, and the marginal improvement in funding pressure supports the continuation of the rebound. However, the weakening of spot driving forces means that the weight of derivatives is relatively increasing. The 7-day average of perpetual contract long premiums has continuously risen to $160,000/hour, indicating that Taker buying pressure is persistently pushing perpetual prices above spot prices; although open interest has decreased, it remains significantly higher than levels seen in February of this year. Currently, the long premium is still within a normal range, but as the rebound continues, the risk of long squeezes will continue to accumulate—once open interest rebounds again, intense long-short battles will lead to faster and more abrupt volatility, which is a hidden risk that needs to be monitored in advance.
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