Why Bitget's New Contracts Signal a Crypto-Stocks Revolution

Bitget has expanded its derivatives offerings with the launch of U-based MYX perpetual contracts, alongside the introduction of three stock market contracts. According to the latest announcement, the MYX perpetual contract is offered with a maximum leverage of 75 times, while an OPEN perpetual contract provides up to 20 times leverage. This move is part of the platform’s broader strategy to diversify its derivative products and cater to a growing base of traders seeking exposure to both crypto and traditional markets.

In addition to the perpetual contracts, Bitget has introduced leveraged trading in several stock contracts, including PLTR (Palantir Technologies), SLV (iShares Silver Trust), APP (AppLovin), ORCL (Oracle), and GE (General Electric). These contracts allow users to trade with leverage ranging from 1 to 10 times, providing a hybrid approach to traditional and digital asset markets. The availability of these contracts through the Bitget platform or its mobile app further enhances accessibility for traders.

The MYX token has seen significant price movement in recent days, with data from BeInCrypto Markets indicating a 167% increase in the past 24 hours. As of the latest update, the token reached a record high of $3.78 before slightly retreating to $3.56. This surge has drawn attention from both retail and institutional investors, although it has also raised concerns among analysts about potential market manipulation. The token’s market capitalization has doubled to over $450 million, and trading volume on Bitget alone accounted for 66% of the $313 million in activity recorded on CoinGecko.

Some analysts have pointed to red flags in the MYX price action, including the unlocking of 39 million tokens coinciding with the price surge. This, combined with the liquidation of over $10 million in short positions in a single day, has led some market observers to question the organic nature of the rally. Notably, the price increase appears to align with a pattern observed in past speculative cycles, where rapid price gains are often followed by sharp corrections.

Despite these concerns, some data suggest limited whale activity, with no evidence of large-scale sell-offs currently underway. This has led to a mixed assessment of the market dynamics, with some analysts cautioning against overreacting to short-term price movements while others continue to scrutinize the on-chain activity for signs of artificial demand. The debate underscores the ongoing challenges in distinguishing between organic market growth and speculative or manipulative activity, particularly in the fast-moving crypto asset space.