During the first week of December, Bitget Crypto, experienced a notable rise in new user sign-ups. This surge exceeded the total count for the same period in the previous year by 20%.
The crypto exchange disclosed that 89% of these new users opted to immerse themselves in the realm of digital currencies. Notably, 61% of this majority exclusively chose Bitcoin.
Coinciding with the heightened interest from retail traders in Bitcoin, there was a noteworthy surge in internet search queries related to Bitcoin, doubling according to Google Trends data from November 30 to December 6. This underscores the increasing inquisitiveness surrounding the foremost cryptocurrency.
December Surge in Copy Trading and Derivatives Amid ETF Optimism
Another significant trend observed in the first week of December was an increased demand for copy trading in the spot market, revealing a 23% uptick in users participating in this trading method. It’s worth noting that Bitget introduced spot trading copy functionality in January 2023, rendering comparisons with December 2022 impractical.
Cryptocurrency derivatives also experienced a surge in popularity during the mentioned timeframe. A comparison of the first week of December with the entirety of the preceding December indicates a 17% rise in users engaging in copy trading for cryptocurrency derivatives.
This surge aligns with the positive sentiment within the industry regarding the potential approval of U.S. exchange-traded funds (ETFs) for holding digital assets.
Spot Bitcoin ETF Approval: A Game-Changer for Crypto Investing
Analysts are optimistic about this new investment avenue, which would enable investors to buy and sell Bitcoin at spot prices rather than futures. This shift has the potential to democratize cryptocurrency investing and mitigate inherent risks.
The likelihood of regulatory approval has increased, and there are expectations for potential approval as early as the upcoming month. This optimism is fueled by the recent successes of cryptocurrency fund managers.
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