Bitget's Protection Fund Hits Record High of $441.5 Million

Bitget's Protection Fund reached a high of $441.5 million in August and averaged $382 million during the month.

The fund, backed by 5,500 Bitcoin, remained above Bitget's original commitment of $300 million throughout August.

The value of the fund increased as Bitcoin strengthened in the second half of the month, ending at around $432 million.

In an interview, Gracy Chen, Chief Executive Officer at Bitget, commented on the role of the reserve during stronger market conditions: 'Strong markets don't reduce the need for strong safeguards.'