Bybit Surges Despite Bear Market: CEO Ben Zhou Speaks About the Power of ‘Quiet Growth’
NEWS RELEASE BY BYBIT
DUBAI, United Arab Emirates | February 03, 2023 05:00 AM Eastern Standard Time
In the face of a bear market, crypto exchange Bybit has continued to surge ahead, achieving fivefold growth in futures trading volume from $2.8 billion to $13.8 billion year to date, according to CoinGecko.
The surge cemented Bybit's leading position in the crypto derivatives arena having captured the second-highest market share for perpetual and futures contract trading volume. The exchange credited it to the release of several new trading products.
These include trading bots that thrive in the 24/7 crypto markets where they can scalp opportunities and ride the waves of high volatility. Plus, enhanced copy trading where over 30,000 Bybit traders can instantly copy the moves of 10,000 “master traders.”
While Bybit shared in an industry-wide downturn in Q4, the exchange still managed to increase its share of trading volume by over 50%, according to a recent report from digital asset data experts CryptoCompare. The report also noted that Bybit grew its overall market share in each quarter in 2022, despite the bear market.
Another reason for this show of strength is Bybit’s quality partnership with institutional clients. Bybit's market maker support fund, launched in the fourth quarter of 2022, has been fully completed, with subscriptions now at $140 million. Bybit also launched the industry's first full 100% rebate program for brokers in January.
CEO Ben Zhou took the opportunity to comment on building resilience and pacing growth for the long run. “We’re in an interesting phase of the market cycle where we are seeing a sense of calm among investors and builders,” Zhou said. “For Bybit, not only are we confident in our ability to weather future downturns, but we have also proven that we can use the opportunities offered in a bear market to come out even stronger.”
“New ideas often come with misconceptions,” Zhou said. “Bull markets are not the only avenue for gainful opportunities. Rational traders take profit from price movements – volatility. And derivatives give traders the tools to realize profits beyond simple spot price differences over time and to mitigate risks.”
“Whatever the market and no matter the noise, we believe in quietly laying the foundation for growth by finessing our tech stack and mass adoption-ready infrastructure,” Zhou said. “We
strive to be the gateway to Web3 and the bridge connecting retail investors to crypto opportunities.”
Zhou is betting on the public buy-in of crypto in the long run. “The core of this technology is that it’s decentralized, immutable, and uncontrollable, which will revolutionize financial systems,” he said. “That's why we're working hard to create user-friendly products for our clients so they can easily benefit from the world of decentralized finance.”
As part of this mission, Bybit recently created the Crypto Investor’s Literacy Report as an important step in understanding the educational needs of the crypto investor community, and how the industry can be improved to better serve them.
Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.
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