What market convergence means for digital asset trading
March 2026
Ignacio Aguirre, chief marketing officer at Bitget, looks at the broadening adoption of DeFi and the company’s evolution into a universal exchange
Image: Bitget
Digital asset markets have entered a new phase defined less by fragmentation and more by convergence. As macroeconomic volatility, evolving regulation, and deeper institutional participation reshape trading behaviour, platforms are increasingly being assessed on their ability to support multiple asset classes, liquidity environments, and execution models within a single interface. This shift has accelerated the emergence of so‑called ‘universal exchange’ models, where crypto, onchain markets, and tokenised traditional assets coexist. Bitget’s recent growth offers a useful case study of how exchanges are adapting to these structural changes.
Across the industry, trading volume growth in 2025 became increasingly concentrated among platforms offering scale and diversified exposure. According to CoinGecko, Bitget ranked among the top centralised exchanges globally by trading volume, recording a 45.5 per cent year‑on‑year increase and closing the year with a 6.4 per cent market share. Rather than reflecting isolated platform performance, this growth aligns with a broader shift away from single‑product crypto venues toward exchanges capable of supporting cross‑market strategies during periods of heightened uncertainty.
Derivatives remained a key component of trading activities across the industry as the year progressed to meet the demand for hedging, leverage, and positioning. According to CoinGlass data, Bitget was ranked among the top global derivatives exchanges by traded volume in 2025. This intensifies the relevance of the futures market. At the same time, participant types evolved to include an increased representation of institutions and sophisticated traders across key market venues. This is also true of Bitget, where internal data indicate a significant uptick in institutional engagement across futures and spot products. This follows an industry-wide drive for execution quality and depth.
Another notable change has been the inclusion of decentralised liquidity within a centralised trading system. As DeFi activity spreads across various chains, there is a growing trend toward testing hybrid models that offer traders onchain options without requiring them to leave their preferred environment. The trend was further intensified in 2025, as with Bitget’s onchain trading feature.
Tokenised traditional assets were one of the fastest-growing segments of the year. In a period of global macro volatility, crypto-native traders increasingly sought access to equities, commodities, and foreign exchange — but within digital-first environments. Platforms offering tokenised stocks, indices, and commodities saw accelerated adoption. Bitget itself saw strong volumes in tokenised stock futures and commodity products, part of a wider trend where tokenised assets are increasingly used tactically in response to inflation data, interest-rate signals, and geopolitical events.
Gold-linked instruments are a good example of this behavioural shift. Rather than purely serving as long-term hedges, gold products have been increasingly used for short-term positioning during major macro events. Rising volumes across exchanges — including Bitget in products such as XAUUSD — underscore how traders are now extending familiar crypto trading strategies into traditional asset classes without having to leave unified trading platforms.
In addition to primary trading functionalities, these exchange platforms have been increasingly offering secondary services consistent with the maturity of these markets. The applications of AI-driven analytics, financial portfolios, and real-world payment systems experienced an increase in popularity in 2025, as these technologies were being adopted as support tools for further sophisticated decision-making processes. This aspect is also observed in Bitget’s incorporation of AI-enabled tools.
As the markets progress further into 2026, there will be an increased blurring of lines between the realms of crypto, onchain finance, and traditional markets.
With this, the concept of exchange platforms with a convergence, liquidity-based, flexible nature seems to be influencing access to global markets.
Although the approaches of these platforms may vary, the convergence toward a unified market infrastructure is seen as the defining feature of the future of digital asset evolution.
Across the industry, trading volume growth in 2025 became increasingly concentrated among platforms offering scale and diversified exposure. According to CoinGecko, Bitget ranked among the top centralised exchanges globally by trading volume, recording a 45.5 per cent year‑on‑year increase and closing the year with a 6.4 per cent market share. Rather than reflecting isolated platform performance, this growth aligns with a broader shift away from single‑product crypto venues toward exchanges capable of supporting cross‑market strategies during periods of heightened uncertainty.
Derivatives remained a key component of trading activities across the industry as the year progressed to meet the demand for hedging, leverage, and positioning. According to CoinGlass data, Bitget was ranked among the top global derivatives exchanges by traded volume in 2025. This intensifies the relevance of the futures market. At the same time, participant types evolved to include an increased representation of institutions and sophisticated traders across key market venues. This is also true of Bitget, where internal data indicate a significant uptick in institutional engagement across futures and spot products. This follows an industry-wide drive for execution quality and depth.
Another notable change has been the inclusion of decentralised liquidity within a centralised trading system. As DeFi activity spreads across various chains, there is a growing trend toward testing hybrid models that offer traders onchain options without requiring them to leave their preferred environment. The trend was further intensified in 2025, as with Bitget’s onchain trading feature.
Tokenised traditional assets were one of the fastest-growing segments of the year. In a period of global macro volatility, crypto-native traders increasingly sought access to equities, commodities, and foreign exchange — but within digital-first environments. Platforms offering tokenised stocks, indices, and commodities saw accelerated adoption. Bitget itself saw strong volumes in tokenised stock futures and commodity products, part of a wider trend where tokenised assets are increasingly used tactically in response to inflation data, interest-rate signals, and geopolitical events.
Gold-linked instruments are a good example of this behavioural shift. Rather than purely serving as long-term hedges, gold products have been increasingly used for short-term positioning during major macro events. Rising volumes across exchanges — including Bitget in products such as XAUUSD — underscore how traders are now extending familiar crypto trading strategies into traditional asset classes without having to leave unified trading platforms.
In addition to primary trading functionalities, these exchange platforms have been increasingly offering secondary services consistent with the maturity of these markets. The applications of AI-driven analytics, financial portfolios, and real-world payment systems experienced an increase in popularity in 2025, as these technologies were being adopted as support tools for further sophisticated decision-making processes. This aspect is also observed in Bitget’s incorporation of AI-enabled tools.
As the markets progress further into 2026, there will be an increased blurring of lines between the realms of crypto, onchain finance, and traditional markets.
With this, the concept of exchange platforms with a convergence, liquidity-based, flexible nature seems to be influencing access to global markets.
Although the approaches of these platforms may vary, the convergence toward a unified market infrastructure is seen as the defining feature of the future of digital asset evolution.
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