Bybit Hits 20 Million Users in Fifth Anniversary Milestone

As it celebrates its 5th anniversary, Bybit has crossed significant thresholds, notably surpassing 20 million users and unveiling its Web3 vision. It’s also become preferred platform for institutional BTC and ETH trading. This achievement comes amid a shortage of experienced liquidity providers in the post-FTX era, highlighting the importance of market leaders like Wintermute.

Recently, Wintermute has taken a bold step by moving to Singapore, a move that cements its status as a major player in liquidity provision. This relocation was complemented by Wintermute Asia’s successful execution of its first options block trade on the CME, showcasing its dedication to growth and innovation.

The aftermath of the FTX crash has marked a pivotal point for stalwarts in the crypto industry, emphasizing the importance of liquidity providers as the backbone of the market’s dynamism. Despite this crucial role, their operations have largely remained elusive due to the lack of transparency in off-exchange data.

We now have insights from industry leaders including Ben Zhou, co-founder and CEO of Bybit, Eugene Cheung, Head of Institution at Bybit, and Yoann Turpin, co-founder of Wintermute. They share their perspectives on the past year and their plans for future growth.

Key Insights

• Ben Zhou predicts a bright future for professional options trading.
• Yoann Turpin, now based in Singapore, brings his traditional finance options trading expertise and is optimistic about the crypto options market.
• Eugene Cheung discloses Bybit’s pilot OTC trading program.

Recent data indicates a robust recovery in the crypto market. CCData’s December Exchange Review shows a significant increase in spot trading volume on centralized exchanges, and derivatives trading volume on the CME has also seen a substantial rise.

The partnership between Bybit and Wintermute, established in July 2021, has proven resilient through market fluctuations. Their close collaboration is instrumental in navigating the volatile crypto landscape. For Wintermute, partnering with Bybit is key due to Bybit’s reliable back-end technology and its implementation of a Unified Trading Account (UTA), which is crucial for global traders.

Looking Ahead

Bybit’s new OTC trading pilot program marks a major development, signaling deeper collaboration and broader prospects for the ecosystem. The company anticipates significant growth in derivatives and options trading.

Ben Zhou concludes by noting an expected shift in the crypto options market, with a decrease in overall perpetual leverage but an increase in mainstream traction for crypto options. This shift is driven by the entry of more professional options traders. Bybit’s foray into the Earn Product space also indicates a new phase of growth.

Finally, watching regional developments in crypto and digital asset regulations is vital. Singapore, Hong Kong, Japan, and the UAE are key regions to monitor. The localized regulatory landscape in these areas could significantly influence cryptocurrency adoption.