BitMEX’s Shutdown Sends BMEX Token Plummeting 90%

BitMEX’s BMEX token plunged 90% to $0.002 from $0.06 after the exchange announced its shutdown.

Shock Moment

■BMEX token fell from $0.06 to $0.002

■The drop began around 7:00 UTC, just before the shutdown announcement

■CoinGecko data shows the token trading at $0.0063 at the time

Market Collapse

■BitMEX’s Bitcoin futures volume fell to $84 M daily

■Market share dropped to 0.08%, leaving a gap for competitors

■A potential $1 B sale was considered in 2025 but an orderly wind‑down was chosen

Corporate Reactions

■CryptoQuant CEO Ki Young Ju: "BitMEX helped shape the industry…"

■Arthur Hayes: "It was an amazing ride. We did something special together."

■10x Research confirmed that BitMEX owners explored a $1 B sale scenario in 2025

Regulation and Competition

■Rising regulatory costs and narrowing operational margins are tightening the industry

■Structural corrections continue: competition compresses, regulatory pressure rises

■BitMEX, after celebrating its 11th anniversary, is remembered as the pioneer of the perpetual swap

BitMEX’s shutdown reflects the tightening competitive landscape and regulatory pressures in the crypto ecosystem; it marks a structural shift within the industry.