The newly-launched spot market of crypto exchange BitMEX reported a record of $24 million in 24-hour trade activity on May 25.
The figure was a 100% daily increase and the highest since the exchange has gone live 10 days ago. In addition to the unprecedented trade activity, BitMEX’s daily signup and first time deposits have also jumped five times since its official rollout, with the average daily value (ADV) reaching over 3 million traded in the first week.
Upon launch, BitMEX Spot Exchange supports seven pairs of cryptocurrencies, including Bitcoin (XBT), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Polygon (MATIC), Axie Infinity (AXS) and ApeCoin (APE). All these coins are traded against Tether (USDT), and the listing of more pairs is said to take place shortly on the largest coin-margined swaps exchange.
BitMEX said retail and institutional investors’ demand to trade spot cryptocurrencies has been significant, with growing interest coming from their existing customer base across the different coins they offer in the derivatives market. With this new product, BitMEX is addressing one of the frictions in the investor experience as they are now able to more confidently execute spot trades, knowing that their actual assets remain safe.
Commenting on the news, BitMEX CEO Alexander Höptner said: “The influx of new BitMEX users and trading volume reflect 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 crypto as an asset class.”
Genia Mikhalchenko, Vice President of BitMEX Spot added: “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. Our newly re-imagined affiliate programme has also been a key piece in enabling the continued growth of our community and we look forward to expanding it over the coming months. In addition, we will be rolling out a selection of new and exciting assets throughout the remainder of the year to support the growth of the spot market and ensure that our traders have the products they need!”