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ChainCatcher News, recently, CoinDesk released the "Market Data Deep Dive Report." According to the report, from November 2023 to June 2025, Bitget's cumulative derivatives trading volume reached $11.5 trillion, firmly ranking among the global top four. Entering 2025, the average monthly trading volume reached $750 billion, with nearly 90% coming from derivatives business. Institutional users are rapidly driving structural changes at Bitget. In the first half of 2025, 80% of spot trading volume and 50% of derivatives trading volume came from institutions, with assets under management doubling within the year. The CoinDesk report points out that this shift is attributed to Bitget's liquidity incentive program, institutional lending services, and unified account features. The report notes that possibly driven by active BGB trading, Bitget's spot market share reached 5.2% in May this year, hitting a record high. In terms of trading asset structure, BTC, ETH, and BGB accounted for 44% of its spot trading volume, demonstrating the stability of institutional demand. In terms of liquidity, Bitget's platform leads the market in ETH and SOL spot liquidity, and BTC spot 1% price depth ranks second globally. For a $100,000 trade size, BTC's average slippage is only 0.0074%, ranking among the top three globally in execution efficiency. The report also points out that Bitget's launch of the on-chain trading "Onchain" business in April this year drove a 32% month-on-month increase in spot trading volume.

ChainCatcher reported that on-chain data analyst Murphy released a market chip structure analysis. A month ago, due to the rapid surge of BTC, there was almost no turnover in the price range of $112,000 to $114,000, resulting in a gap in the chip structure (URPD). According to usual experience, all "gaps" on the URPD will eventually be filled. A month later, as of August 27, the gap between $112,000 and $114,000 has been completely filled, linking the previously high and low chip accumulation zones and forming a super-large chip accumulation zone spanning from $93,000 to $118,000. A total of 5.59 million BTC have accumulated in this range, meaning that in just 9 months since November 20, 2024, more than 5 million BTC were bought within this price range, accounting for 28% of the total circulation. If long-term "locked" chips such as lost coins and Satoshi Nakamoto's holdings are excluded, this proportion would be even higher. If there are no unexpected "black swan" events, it will be difficult for the BTC price to break through this range. For example, BTC is currently supported at the STH-RP $108,000 level, and below that, there is support at $104,000 with 42 BTC. There are currently no obvious gaps on the URPD, with only a shallow gap between $72,000 and $80,000.