Charles Esther
Despite popular belief that retail investors have exited the cryptocurrency market, this is not actually the case.
Vugar Usi Zade, chief operating officer of Bitget, explained in an interview at the Consensus conference in Toronto, Canada, that retail trading has evolved.
Instead of rampant speculation, retail investors are now focusing on more practical and sustainable uses for cryptocurrencies.
This change is partly due to lingering trauma from the last crypto market cycle.
It is also influenced by wider macroeconomic uncertainty caused by policies from the Trump administration, which has placed pressure on risk assets throughout 2025.
“Retail investors’ appetite for risk is much lower because we know what happened with the stock market and every other aspect,” Usi Zade said.
He added that people have less disposable income but are becoming smarter with their investments.
Bitget Responds to Changing Investor Behaviour
In response to this shift, Bitget is expanding into crypto payments and utility-driven services such as Bitget Pay and stablecoin solutions.
The fallout from the 2021 crypto bull run and subsequent bear market, including several high-profile collapses, has driven users to seek safer and more functional applications for their crypto holdings.
“Several exchanges are tapping into the payment processing market through crypto,” Usi Zade noted.
This development brings crypto use more into retail spending habits rather than just earning or trading.
Growing Role of Decentralized Exchanges
Usi Zade also highlighted the increasing role of decentralized exchanges (DEXs).
DEXs now account for nearly 10% of the crypto derivatives market.
These platforms attract users wanting early access to tokens unavailable on centralized exchanges.
“People still want to do big things,” Usi Zade said, “but not necessarily within the formal arena.”
He explained that DEXs allow users to “tap into opportunities very, very early.”
Bitget’s Market Position and Expansion
Bitget has grown into one of the world’s largest crypto exchanges, with over $3.4 billion in average daily volume as of May 31.
The platform lists more than 800 cryptocurrencies on its centralized exchange.
Millions more are accessible through Bitget Onchain, which supports trading across hundreds of DEXs and cross-chain bridges.
The End of Traditional Bull and Bear Markets
The traditional crypto bull and bear markets seem to be fading away, according to Usi Zade.
He believes the market will no longer experience clear-cut bull or bear cycles.
Instead, there will be “bull episodes and bear episodes.”
Bitcoin’s Unique Market Behaviour
Usi Zade identified Bitcoin as the biggest outlier in the crypto industry.
He described Bitcoin as trading in “its own free flow,” which brings both benefits and risks for investors.
One advantage is that exchange-traded funds (ETFs) have attracted more institutional investors to Bitcoin.
However, Bitcoin is increasingly influenced by macroeconomic factors that also affect traditional markets.
These include changes in monetary policy, economic data releases, and social media posts from US President Donald Trump.
Bitget’s Reinvention Amid Regulation
“Therefore, it’s a very interesting place to be,” Usi Zade said.
He added that Bitget is reinventing itself by adapting to regulations and KYC requirements.
The exchange is evolving into more of a bank-like organisation.
