Bitcoin possibly returning, how did Bitget become the "elephant in the room"?
TechFlow Selected TechFlow Selected
Bitcoin possibly returning, how did Bitget become the "elephant in the room"?
A platform that truly benefits its users will naturally be propelled to the forefront by its users.
Navigating Web3 tides with focused insightsAuthor: Kevin, Baicai Blockchain
With the recent surge in sectors like the Bitcoin ecosystem, many have started feeling anxious—bullish murmurs seem faintly audible. Fueled by expectations around spot Bitcoin ETFs, the market has recently entered a broad rally phase, with concepts ranging from MEME to BRC20 overwhelming investors, making it feel as if the bull market has suddenly reignited.
For ordinary users, this gradual market recovery coupled with rapidly shifting hotspots is both optimistic and anxiety-inducing—especially since determining how to position oneself ahead of the bull run has become the most urgent concern during this late-bear, early-bull phase.
Platforms at the Center of the Crypto Stage
For most regular users, the painful feeling of missing one profitable opportunity after another during the transition from bear to bull markets is undoubtedly the hardest part.
After all, whether considering time or effort, staying ahead of promising tokens and quickly jumping into trending narratives comes with significant barriers. So honestly, is there a low-barrier, efficient way to gain early exposure to these trends?
"Bulls haven't arrived yet, but brokers lead the way"—this saying from traditional finance applies perfectly to the crypto industry as well.
Historically, centralized exchanges (CEXs) have always been among the biggest beneficiaries of market booms and wealth concentration, especially during the shift from bear to bull markets. As the primary gateway for blockchain traffic, top-tier platforms are often the first to sense market shifts and experience the fiercest competition:
Thanks to their essential and high-frequency nature, they can proactively enter potentially explosive sectors and reap early bull-market rewards through the wealth effect generated by leading tokens.
Take the 2020–2022 bull-bear cycle as an example: During DeFi Summer, innovative projects like COMP, LINK, and AAVE, followed by breakout stars AXS and YGG during the GameFi craze, were often projects that leading platforms had already backed early on.
Therefore, tracking the investment moves of platforms—especially major ones—is particularly crucial for average users. Platforms experiencing rapid growth are especially indicative:
At pivotal moments between bull and bear markets, the emergence of new trends often triggers user migration and reshuffles the CEX landscape. Thus, platforms that rise quickly during such periods inherently demonstrate exceptional sensitivity and strong trendspotting capabilities.
Recent developments at some leading platforms already hint at evolving dynamics within the CEX space:
Last month, Binance finally launched its futures copy-trading feature—years after Bitget pioneered the concept in 2020, which has since become a standard offering across top exchanges;
Then earlier this month, as OKX’s highly praised Web3 wallet expanded aggressively amid the BRC20 boom, Binance announced it would open access to its in-app Web3 wallet interface.
Bitget: The Elephant in the Room
In the fast-moving crypto industry, changes in the CEX landscape often happen quickly and quietly, causing public perception to lag behind reality.
For instance, many may not have realized that, based on data, Bitget has quietly entered the top tier and become an “elephant in the room” within the exchange赛道:
According to the latest Coinglass data, CME Bitcoin futures outstanding contracts stand at approximately $4.17 billion, ranking first, followed by Binance ($3.88 billion), Bybit ($2.63 billion), OKX ($1.79 billion), with Bitget ($1.15 billion) closely behind in fifth place.
Looking at overall CEX performance in Q3, spot trading volume reached $1.33 trillion and derivatives volume hit $4.8 trillion, down 22% and 23% respectively. In September alone, combined spot and derivatives volumes on CEXs declined for the third consecutive month by 20.3%, dropping to $1.67 trillion.
Yet Bitget’s market share rose by 0.77%, increasing 9.43%—a rare case of逆势 growth among CEX players.
Moreover, it has now been a year since FTX abruptly collapsed in early November 2022, and the crypto industry—and particularly the CEX sector—has undergone several subtle but significant shifts.
Especially notable is that major CEXs have rolled out proof-of-reserves, advancing transparency in the sector and, to some extent, restoring market confidence in centralized exchanges.
Bitget was among the first CEXs to launch proof-of-reserves and has completed 12 monthly updates so far. The latest data shows reserve ratios of 426% for BTC, 141% for ETH, 117% for USDT, and 2,556% for USDC, with an aggregate reserve ratio of around 200%.
Gracy Chen, Managing Director of Bitget, said: “A nearly 200% reserve ratio means that for every $1 deposited by users, the platform holds an additional $1 in reserves, effectively safeguarding user assets.” This is understood to be among the highest reserve ratios in the mainstream CEX space.
Leading Through Speed and Agility
Meanwhile, despite being an often-overlooked "elephant in the room," Bitget’s moves are anything but clumsy—instead, it leverages speed over slowness and delivers tangible wealth effects to carve out distinct competitive advantages:
Experienced traders over the past year will surely recognize this: whether it's swiftly creating dedicated zones for trending narratives like MEME, L2, AI, and BRC20, or getting an early start on projects, Bitget’s performance over the past year has been exceptionally prominent:
From MEME zones, BLUR, Bot zones, AI zones, ARB futures, SUI futures, ORDI, SATS, etc., Bitget consistently responds rapidly at each stage of trend rotation, offering users early access and first-mover advantages.
This is indeed Bitget’s greatest differentiator—deeply identifying high-potential projects and listing promising early-stage tokens from the community ahead of other top platforms, providing users with timely entry opportunities. Many users even joke: “When big exchanges list it, BG users cash out.”
Current popular plays like GAS, Hifi, GROK—all follow the same pattern of proactive, early engagement with emerging trends and their associated wealth effects.
“In martial arts, nothing overcomes speed.” Bitget, with its relentless momentum and consistent trend leadership since last year, knows this better than anyone.
A Philosophy of Long-Termism
If you had 100 million yuan, would you bet on Messi before the 2022 World Cup?
Bitget’s answer was yes—and they committed nearly 100 million RMB to sign a two-year endorsement deal with Messi. It took significant effort through IMG, the world’s largest sports and entertainment PR agency, to secure the partnership.
In hindsight, compared to other top platforms sponsoring various sports events, signing Messi before the 2022 World Cup proved to be a masterstroke in Bitget’s cross-industry expansion strategy, delivering immense commercial returns.
This apparent “good fortune” actually reflects Bitget’s strategic temperament: proactively hunting and positioning itself for maximum wealth-effect opportunities through early strategic moves—an embodiment of long-term thinking in its own right.
This same principle is evident in copy-trading, now a rising trend among CEXs—though few realize that Bitget was actually the first in the industry to create and popularize copy-trading as a distinctive feature.
Since late 2019, Bitget’s team began developing the copy-trading function and decided to heavily promote it; the feature officially launched in May the following year.
To date, Bitget has over 110,000 expert traders and 520,000 followers, collectively generating $380 million in profits for users.
In addition, Bitget Launchpad—the platform’s dedicated hub for launching trending, high-quality crypto projects—has successfully identified multiple standout projects.
According to CryptoRank’s 2023 report on the top ten platform LaunchPads by ATH Average ROI, Bitget ranked first.
Overall, users today demand more certainty. Whether it’s new Bitcoin ecosystem narratives like ORDI and SATS, or rotating themes like AI and bots, the platforms that react fastest and deliver seamless value-added experiences will attract the largest user flows.
One hand gripping trending narratives to meet trading demands; the other uncovering hidden gems to generate wealth effects—this aligns perfectly with Bitget’s long-term vision and addresses core needs of everyday crypto users in today’s market.
Following a path already validated by previous top platforms, Bitget’s rise over the past year reveals the key to becoming a leading CEX. In such a market climate, debating old rankings like “Top X” has lost much of its relevance.
Competition now exists only in terms of the wealth effects delivered and reputations earned among users. As a new cycle approaches, during this late-bear, early-bull phase, platforms and users are destined to uplift each other:
Platforms that truly benefit their users will naturally be propelled to the forefront by those users themselves.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
白话区块链
