Bitget's Protection Fund Surges to $441M on Bitcoin's Strong Month

Bitget's Protection Fund has seen significant growth in August, reaching an average valuation of $382 million. The fund peaked at $441.5 million on August 27, thanks to Bitcoin's recovery in the second half of the month.

The exchange reported that around 5,500 BTC supports the Protection Fund, which was created in 2022 to help protect users during market events. As much of the fund is held in Bitcoin, the price increase boosted the value of its reserves.

Bitcoin traded between $62,773 and $80,268 in August, rising more than 25% by the end of the month. The fund's value stayed above $300 million throughout August, with a low of $345.3 million on August 1.