Registration is now open for one of the most exhilarating crypto trading tournaments
Bitget, the world’s leading crypto exchange and Web3 company, has officially opened registration for KCGI 2025, the most anticipated trading competition of the year, featuring a massive 6 million USDT prize pool, brand-new segments, and early-bird rewards that make joining early a winning move.
From team battles to bot duels, KCGI 2025 isn’t just a tournament — it’s a spectacle. This year’s edition takes competition to the next level with enhanced challenge modes, region-based leaderboards, and incentives for everyone from strategic captains to high-velocity newcomers. Whether you’re a pro with a polished strategy or a rookie with something to prove, the game is on. There is a spot with your name on it.
“Every year during KCGI we witness traders across the globe strategize, synchronize and innovate,” said Gracy Chen, CEO at Bitget. “There’s a lot of community and teamwork involved, KCGI is our way of showing gratitude to our top traders. That said, we’re excited to kick off this year’s competition with 6 million USDT up for grabs and a range of dynamic challenges ahead. We’re inviting our community to lead, win, and shape the future of trading.”
6 Million USDT Promotion Pool
This year’s 6 million USDT promotion pool is packed with surprises. Top-performing participants may unlock VIP experiences with Bitget partners. Those partners include LALIGA matchday access, MotoGP circuit passes, and other premium rewards that go beyond the charts. It’s not just about who trades best. It’s also about who dares to play big, lead boldly, and win in style.
KCGI 2025 introduces four high-stakes categories:
Team Battle – Form alliances, build your squad, and rise through the ranks together.
Copy Trading Showdown – Let your strategy do the talking, or ride with the best.
Bot Trading Competition – Code it. Launch it. Dominate the charts.
On-chain Arena – The ultimate test of decentralized skill and chain-savvy moves.
Early registrants unlock exclusive perks like trading bonuses, entry into mystery prize draws, and first dibs on team captaincy slots. Participants from over 100 countries are expected to join. Thus, it has not only become the largest KCGI yet but also the most global, collaborative, and competitive.
The official Team Battle segment begins July 24, but the smart money moves early. Traders who register now not only secure their seat, but they also set the tone for the event.
Get in early. Build your team. Shape the leaderboard.
KCGI 2025: This isn’t just trading, it’s a full-on battle with rewards.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices.
Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
Ethereum reached a notable milestone earlier this month when the US Securities and Exchange Commission (SEC) approved options trading for several spot exchange-traded funds (ETFs). The move is expected to increase liquidity, attract interest from institutional investors, and solidify Ethereum’s position as a major cryptocurrency.
Yet Ethereum’s smaller market cap relative to Bitcoin means it is also vulnerable to gamma squeezes, thereby increasing investor risks. BeInCrypto consulted an expert in derivatives trading and representatives from FalconX, BingX, Komodo Platform, and Gravity to analyze the potential impact of this new characteristic.
This week marked the official debut of options trading for spot Ethereum ETFs in the United States. BlackRock’s iShares Ethereum Trust (ETHA) was the first to list options, with trading commencing on the Nasdaq ISE.
Shortly after, a broader availability of options followed, including those for the Grayscale Ethereum Trust (ETHE) and the Grayscale Ethereum Mini Trust (ETH), as well as the Bitwise Ethereum ETF (ETHW), all of which began trading on the Cboe BZX exchange.
This move allows a wider range of investors, beyond crypto traders, to benefit from hedging and speculation opportunities on Ethereum’s price through options on familiar investment vehicles like ETFs without direct ownership.
The timing of this news is particularly positive, as Ethereum has been losing some ground in the market lately.
Options Trading to Bolster Ethereum’s Market Position
A significant decline in market confidence surrounded Ethereum this week, with BeInCrypto reporting its price had plummeted to its lowest point since March 2023. This drop coincided with a broader market downturn, worsened by Donald Trump’s Liberation Day.
Meanwhile, large Ethereum holders are increasingly selling off substantial amounts, putting downward pressure on their prices. Ethereum’s value has fallen sharply by 51.3% since the beginning of 2025, and investor confidence has waned, as evidenced by a decrease in addresses holding at least $1 million in ETH.
Holders with at least $1 million worth of ETH. Source: Glassnode.
With options trading now accessible to more traders, experts anticipate that Ethereum’s market position will improve.
“ETH’s been leaking dominance, stuck sub-17%. Options give it institutional gravity. It becomes more programmable for fund strategies. More tools mean more use cases, which then in turn means more capital sticking around,” Martins Benkitis, CEO and Co-Founder of Gravity Team, predicted.
This newfound accessibility of options trading will create additional opportunities for investors and the broader Ethereum ecosystem.
Greater Investor Access and Liquidity
The SEC’s approval of Ethereum ETFs in July 2024 was significant because it allowed traditional investors to enter the crypto market without directly holding the assets. Now, with options trading also available, these benefits are expected to be even greater.
The Ethereum ETF market will naturally become more liquid with increased participation through options trading.
High Trading Volumes and Hedging Demands
The SEC’s fresh approval of options trading for Ethereum ETF investors suggests that the market will likely initially experience a high trading volume. As a result, market makers must be prepared.
An increase in call options will require institutional market makers to hedge by buying more Ethereum to meet demand.
Ethereum will also secure a unique advantage, particularly in institutional trading, enhancing its perceived quality and driving optimism among key market participants.
“ETH just got a serious institutional tailwind. With options now in play, Ether is stepping closer to BTC in terms of tradable instruments. This levels up ETH’s legitimacy and utility in hedging strategies, narrowing the gap on Bitcoin’s dominance narrative,” Benkitis told BeInCrypto.
Yet, rapid surges in options trading could also have unintended consequences on Ethereum’s price, especially in the short run.
Will Investors Suffer a Gamma Squeeze?
As market makers rush to acquire more of the underlying asset in case of a higher volume of options calls, Ethereum’s price will naturally increase. This situation could lead to a pronounced gamma squeeze.
When market makers hedge their positions in this scenario, the resulting buying pressure would create a positive feedback loop. Retail investors will feel more inclined to join in, hoping to profit from Ethereum’s rising price.
The implications of this scenario are especially pronounced for Ethereum, considering its market capitalization is notably smaller than that of Bitcoin.
Retail traders’ aggressive buying of ETHA call options could compel market makers to hedge by acquiring the underlying ETHA shares, potentially leading to a more pronounced effect on the price of ETHA and, by extension, Ethereum.
“We believe option sellers will generally dominate in the long-run but in short bursts we could see retail momentum traders become massive buyers of ETHA calls and create gamma squeeze effects, similar to what we’ve seen on meme coin stocks like GME. ETH will be easier to squeeze than BTC given it is only $190 billion market cap vs BTC’s $1.65 trillion,” Joshua Lim, Global Co-head of Markets at FalconX, told BeInCrypto.
Arbitrage involves exploiting price differences for the same or nearly identical assets across different markets or forms. This is done by buying in the cheaper market and selling in the more expensive one.
According to Grant, traders will increasingly look for and exploit these price differences as the market for ETH options on different platforms develops.
While arbitrage activity is expected to refine pricing and liquidity within the Ethereum options market, the asset continues to operate under the shadow of Bitcoin’s established market leadership.
Will Landmark Options Approval Help Ethereum Close the Gap on Bitcoin?
Though Ethereum achieved a major landmark this week, it faces competition from a major rival: Bitcoin.
In late fall of 2024, options trading started on BlackRock’s iShares Bitcoin Trust (IBIT), becoming the first US spot Bitcoin ETF to offer options. Though not even a year has passed since the original launch, options trading on Bitcoin ETFs experienced strong trading volumes from retail and institutional investors.
According to Kadan Stadelmann, Chief Technology Officer of Komodo Platform, options trading for Ethereum ETFs will be comparatively underwhelming. Bitcoin will still be the cryptocurrency of choice for investors.
“Compared to Bitcoin’s Spot ETF, Ethereum’s ETF has not seen such stalwart demand. While options trading adds institutional capital, Bitcoin remains crypto’s first mover and enjoys a greater overall market cap. It is not going anywhere. It will remain the dominant crypto asset for institutional portfolios,” Stadelmann told BeInCrypto.
Consequently, his outlook does not include Ethereum’s market position surpassing Bitcoin’s in the immediate term.
“The once-promised flippening of Bitcoin’s market capitalization by Ethereum remains unlikely. Conservative and more-monied investors likely prefer Bitcoin due to its perceived safety compared to other crypto assets, including Ethereum. Ethereum, in order to achieve Bitcoin’s prominence, must depend on growing utility in DeFi and stablecoin markets,” he concluded.
While that may be the case, options trading doesn’t harm Ethereum’s prospects; it only strengthens them.
Can Ethereum’s Options Trading Era Capitalize on Opportunities?
Ethereum is now the second cryptocurrency with SEC approval for options trading on its ETFs. This single move will further legitimize digital assets for institutions, increasing their presence in traditional markets and boosting overall visibility.
Despite recent significant blows to Ethereum’s market position, this news is a positive development. Although it might not be sufficient to surpass its primary competitor, it represents a step in the right direction.
As investors get used to this new opportunity, their participation level will reveal how beneficial it will be for Ethereum.
Hyperliquid’s native crypto token HYPE has recently experienced a significant 40% price decline. However, the altcoin is showing signs of recovery.
Traders have become increasingly bullish on HYPE, with many believing it can regain the losses sustained in the recent downturn. This renewed confidence, supported by positive market movements, has sparked hopes of a price rebound.
Hyperliquid Finds Strong Support
Over the past 24 hours, the Open Interest for Hyperliquid has risen by $44 million, bringing the total to $428 million. This increase follows a recent uptick in price, which added momentum to the ongoing recovery.
The growth in Open Interest suggests that traders are becoming more confident in HYPE’s potential for a price rise. This influx of interest has fueled optimism among investors and traders alike, with many viewing this as a sign of further upside.
As a result, there is a renewed sense of enthusiasm among HYPE enthusiasts, who believe the altcoin is well-positioned to reclaim lost value. This positive sentiment could contribute to continued price growth, particularly as market conditions remain favorable for a recovery.
The overall macro momentum of Hyperliquid has shown significant improvement in recent days. Key technical indicators, such as the Moving Average Convergence Divergence (MACD), reflect a shift from a bearish to a bullish trend this week.
This change marks the end of a month-long bearish crossover and signals the potential for further upward momentum.
As the bullish momentum rises, it provides HYPE with the room needed to continue its recovery. The shift in the MACD reflects a positive shift in market sentiment, suggesting that the altcoin may be in a stronger position moving forward.
HYPE’s price is currently trading at $16.10, up by 14% over the last 24 hours. The altcoin is just under the $16.50 resistance level, having already recovered about half of its recent 40% decline. This price movement shows that Hyperliquid has significant upside potential.
Given the current momentum, there is a possibility that HYPE will breach the $16.50 barrier and continue its upward trajectory. If this occurs, the altcoin could move toward $19.16, potentially reaching $20.00 in the near future.
However, if the $16.50 resistance level proves too strong, HYPE may struggle to maintain its upward momentum. In this case, the price could fall back to $13.44, invalidating the bullish outlook and erasing recent gains.
