Bitget Transparency Report: First Quarter 2023
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Bitget Transparency Report: First Quarter 2023
Bitget's performance review for the first quarter of 2023.
Navigating Web3 tides with focused insights
Bitget has always adhered to the principles of transparency, customer-first, and long-termism. To this end, we will regularly publish transparency reports. Below is a review of Bitget's achievements in the first quarter of 2023, along with analytical insights. The report also covers price performance of its native token BGB, product launches, and overall ecosystem enhancements.
Report Summary
• The crypto market regained momentum in Q1 2023, with global market capitalization surpassing $1.2 trillion;
• Bitget ranked 4th in TokenInsight’s exchange rankings, demonstrating growth across all metrics;
• BGB surged 120% this quarter, outperforming all other exchange-issued tokens;
• Bitget's reserve ratio increased from 223% on December 20, 2022, to 246% on April 3, 2023;
• Benefiting from Bitcoin’s price recovery, the value of Bitget Protection Fund rose from its initial $300 million to over $380 million;
• Bitget listed 105 new tokens on spot and launched Spot Copy Trading and Custody Services;
• Beyond industry development, Bitget actively gives back to society. This quarter, Bitget donated to victims of the Turkey earthquake and partnered with Juventus Women's Football Team.
Continued Recovery of the Crypto Market
After a series of black swan events, the crypto market—dormant for over a year—began showing signs of revival. Compared to Q4 2022, global crypto market cap surged 48.9% by the end of March, reclaiming the $1 trillion threshold. Just 13 days into 2023, Bloomberg reported: “crushed crypto funds suddenly beat every other ETF.” Blur revitalized the NFT market with its innovative model and massive airdrop; DeFi’s liquidity derivatives (LEDs) achieved the highest growth rate of 210.9%, reaching a market cap of $4.2 billion. These developments signal the end of the crypto winter. Bitcoin rebounded to $28,000, while Ethereum returned to $1,700—the first time since June of last year—marking the beginning of a market recovery.
Bitget's Performance Metrics
From DeFi to CeFi, from copy trading to wealth management services, Bitget made rapid progress across all fronts in Q1, striving relentlessly to exceed expectations. Below are key highlights from Bitget’s first-quarter performance:
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Traffic
As the new bull cycle began to emerge, market sentiment and expectations improved significantly. Bitget recorded 33.1 million visits to its website and mobile app in Q1, a 35% increase quarter-on-quarter.
Source: Similarweb
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Trading Volume
Bitget continued to provide greater liquidity to the market. In Q1 2023, spot and derivatives trading volumes reached $5.9 billion and $65.8 billion respectively. Spot trading volume grew 8% MoM, while total futures trading volume—including Bitget U-Margin Contracts, Bitget USDC Contracts, and Bitget Coin-Margin Contracts—increased 27% MoM. According to TokenInsight, Bitget ranked 4th among centralized exchanges globally in comprehensive trading volume during Q1 2023.
Notably, although Bitget’s spot trading volume continues to grow, it still accounts for only about 10% of total trading volume, compared to 20%-25% at other top-tier exchanges. This indicates significant room for growth in Bitget’s spot business, and Bitget remains committed to identifying high-quality assets in the industry.
Source: CoinGecko
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New Listings
In Q1, Bitget added 105 new tokens to its spot market, bringing the total number of listed tokens to over 500. The top five performing tokens were BLUR (+119,900%), CORE (+23,350%), HALO (+14,843%), ARB (+11,900%), and ID (+7,900%). Notably, Spot Copy Trading is now available on Bitget!
Additionally, Bitget Launchpad and Launchpool contributed to new project launches. In Q1 2023, Bitget Launchpad launched PandaFarm (BBO) and Haloworld (HALO). Early investors in BBO achieved a return of 5,820% from its historical peak, while HALO NFTs had a floor price of 0.399 ETH on OpenSea, delivering strong returns for Bitget users.
From January to March 2023, Bitget Launchpool featured 14 staking projects, with monthly reward distributions estimated at $19,214 USDT in January, $77,212 USDT in February, and $171,458 USDT in March—averaging nearly $90,000 USDT per month based on CoinGecko closing prices.
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Bitget Token (BGB)
BGB was one of the few tokens to reach an all-time high in Q4 2022, peaking at $0.238136 on October 21. Since the start of 2023, BGB has gained strong momentum, setting four consecutive weekly highs: $0.221995 (Jan 23–29), $0.223903 (Jan 30–Feb 5), $0.391977 (Feb 6–12), and $0.515241 (Feb 13–19).
According to TokenInsight, BGB surged 120% in Q1 2023—outperforming not only Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), but also all other exchange-issued tokens.
Source: TokenInsight
The rise in BGB’s price drove increased trading activity. In February alone, BGB trading volume spiked to $315.6 million—up 225% from January—and further increased to $326.9 million in March.
Source: Coingecko
As BGB’s price continued to climb, so did its holder base. By the end of March, the number of BGB holders reached 229,732—an increase of 146% within just three months.
Source: Bitget
BGB’s strong performance stems from Bitget’s continuous expansion of BGB use cases. At the end of Q1, the official BGB whitepaper unveiled the latest roadmap, introducing new features such as BGB Lotto, zero-withdrawal-fee staking for BGB, and a new VIP system linked to BGB holdings.
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Copy Trading
As the world’s first crypto exchange to launch copy trading and currently the largest platform for such services, Bitget continues to promote this feature to lower barriers for new users entering the crypto space. In the first three months of 2023, Bitget added 20,669 new traders and 84,552 followers. Total profits generated through Bitget’s copy trading reached $41 million in Q1.
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Community Growth
Bitget values community feedback and actively engages users across platforms. In Q1, Bitget’s combined social media following on Twitter, Instagram, Facebook, TikTok, and YouTube grew by 181%, rising from 561,000 to 1 million. Bitget’s official TikTok channel gained nearly 200,000 followers in just two months!
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Global Team Expansion
These achievements are driven by a dynamic and dedicated team. Closely monitoring the crypto market, Bitget continues to expand its talent pool. By the end of Q1, Bitget’s global workforce grew from 1,000 to 1,300 employees across more than 60 countries and regions. Currently, Bitget has around 300 open positions in R&D, compliance, BD, operations, and customer support.
User Security and Protection
Putting users first, Bitget launched a $200 million protection fund in August 2022—one of the earliest such initiatives among exchanges. The collapse of FTX at the end of 2022 underscored the importance of transparency and user asset security in the crypto industry.
In response, Bitget promptly released its Proof of 100% Reserves, with its total reserve ratio consistently increasing—from 223% on December 30, 2022, to 227% on January 31, 2023, and further rising from 231% on March 6, 2023, to 246% on April 3, 2023. Notably, Bitget also added USDC reserves in Q1 2023 to enhance transparency.
Source: Bitget
Following the FTX incident, Bitget increased the value of its protection fund to $300 million (comprising 6,500 BTC, 160 million USDT, and 40 million USDC), pledging to replenish the fund if market fluctuations cause its value to drop below $300 million. Data shows the fund remained above $300 million throughout Q1, and with Bitcoin’s price recovery, its value climbed to approximately $380 million by the end of March.
Source: Coingecko
Product Launches
Market volatility does not deter our commitment to building superior products. Throughout Q1, we iterated existing offerings and introduced new services based on user needs.
Protecting user assets remains our top priority. In January, Bitget launched Custody Services, providing the highest level of fund protection. Following the success of futures copy trading, we introduced Spot Copy Trading, allowing followers to learn from expert traders and replicate their strategies.
Bitget launched various new investment products to meet diverse investor needs. Through Bitget Launchpool, users can stake BGB and other cryptocurrencies to earn rewards. For risk-averse investors, Bitget SharkFin offers principal protection, Bitget Dual Investment allows choosing higher or lower settlement prices, and Bitget Trend Smart Earnings enables profit-taking by predicting market direction.
Expanding Win-Win Partnerships
Bitget became the first centralized exchange to partner with Space and Time (SxT), a leader in decentralized databases, enabling verifiable and tamper-proof audits of our reserves. This collaboration further strengthens Bitget’s transparency.
This quarter, Bitget formed partnerships with six major data platforms—Coin360, Nansen, Aggrtrade, The KINGFISHER, LAEVITAS, and Hoptrail—to integrate Bitget data. Additionally, we completed TradingView integration, making derivatives trading more efficient and intuitive for Bitget users.
Advancing Crypto Adoption
At Bitget, we aim to promote global adoption of crypto assets by sharing high-quality industry knowledge and launching innovative products, leveraging our position to create broader positive impacts on the community.
Participation in Global Blockchain Forums
Bitget continues to receive invitations to global blockchain events, promoting the integration of blockchain with the global economy. In Q1 2023, we participated in Blockchain Life Dubai 2023 and Blockchain Economy Summit London, both held from February 27–28.
Gracy Chen, Managing Director of Bitget, at Blockchain Life Dubai 2023
Bitget UK Marketing Manager at Blockchain Economy Summit London
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Demonstrating Social Responsibility
On February 6, a devastating earthquake struck Pazarcik and Kahramanmaras in southern Turkey, drawing global attention. Bitget was among the first exchanges to respond, donating 1 million Turkish Lira to affected areas and actively providing local aid.
Additionally, Bitget announced a partnership with Juventus Women's Football Team, aiming to inspire and support women worldwide. With female managers comprising 40% of Bitget’s leadership, we hope our sponsorship empowers women across all fields to break gender barriers and become their best selves.
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Driving the Future Through Education
We believe in the power of crypto education. This quarter, we published over 200 educational articles in 20 languages on Bitget Learn, covering everything from in-depth guides and practical tips to market updates.
Conclusion
In 2008, Satoshi Nakamoto published the paper on the "peer-to-peer electronic cash system"—commonly known as the Bitcoin whitepaper. Ten years later, in 2018, Bitget was founded. The name "Bitget" combines "Bit" from Bitcoin and "get," reflecting our mission from day one: to uphold Satoshi’s vision of creating a fairer, more democratic financial system—encouraging everyone to embrace crypto assets. As we enter Q2, Bitget will continue advancing alongside our users, driving and leading the convergence between the crypto world and traditional finance.
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