Less than 10 days after launching the spot trading option, crypto exchange platform BitMEX reached a new milestone by hitting a daily trade volume of $24 million recently.
According to Alexander Hoptner, BitMEX’s CEO, the significant 24-hour trade volume illustrated a strong desire by institutional and retail investors to enter the crypto space.
Furthermore, the exchange’s first-time deposits and daily signup went through the roof, jumping by five times since the spot trading option was officially rolled out on May 17.
Hoptner pointed out:
“The influx of new BitMEX users and the trading volume reflects a strong appetite from institutional and retail traders and our long-term bullish views of today’s market environment”.
“With the successful addition of Spot, BitMEX is in a strong position to further its expansion to introduce a wider array of offerings – on top of derivatives and interest-bearing products – to support traders around the world, bringing us closer to achieving global recognition of crypt as an asset class”.
BitMEX currently offers seven pairs of cryptocurrencies, including Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS), and ApeCoin (APE), all against Tether (USDT).
To expand options in the crypto ecosystem, the exchange’s spot trading joins other strategies like interest-bearing products and derivatives.
Genia Mikhalchenko, the vice president at BitMEX spot, stated:
“We are very excited about the strong start to the launch of our spot markets and really appreciate the supportive feedback and positive responses from existing and new BitMEX traders. The numbers we are seeing internally in the first 10 days reinforce that our decision to go beyond derivatives was the right one”.
The exchange’s average daily value (ADV) also scaled the heights after hitting more than 3 million traded in the first week.