{"id":921981,"date":"2026-07-23T15:12:44","date_gmt":"2026-07-23T20:12:44","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/07\/23\/bitmex-token-crashes-90-as-exchange-announces-shutdown\/"},"modified":"2026-07-23T15:12:44","modified_gmt":"2026-07-23T20:12:44","slug":"bitmex-token-crashes-90-as-exchange-announces-shutdown","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/07\/23\/bitmex-token-crashes-90-as-exchange-announces-shutdown\/","title":{"rendered":"BitMEX token crashes 90% as exchange announces shutdown"},"content":{"rendered":"
\n

[Update, 15:18 UTC, July 23 – Adds comment from cofounder beginning in sixth paragraph.]<\/em><\/p>\n

BitMEX\u2019s utility token lost almost all of its value after the exchange announced Thursday it would wind down operations.<\/p>\n

The BitMEX (BMEX) token plunged 90% to as low as $0.002 from $0.06, according to CoinGecko data. It traded at $0.0063 at the time of writing.<\/p>\n

The token, which had traded near $0.06 in recent weeks, began falling at around 7:00 am UTC, roughly an hour before BitMEX announced the shutdown on X<\/a>.<\/p>\n

<\/figure>\n

Source: CoinGecko<\/em><\/p>\n

BitMEX announced the closure after its share of the Bitcoin futures market fell to about 0.08%, with roughly $84 million in daily Bitcoin futures trading volume, according to CryptoQuant CEO Ki Young Ju.<\/p>\n

\u201cIt was a great exchange that helped shape the industry, and now it is passing the torch to the next generation of exchanges it inspired,\u201d Ju said<\/a> in an X post on Thursday. <\/p>\n

Later Thursday, BitMEX cofounder Arthur Hayes said<\/a> in an X post: \u201cIt was an amazing ride. We did something special together.\u201d<\/p>\n

Blockchain analytics platform 10x Research said in an update shared with Cointelegraph that BitMEX\u2019s owners had explored a potential $1 billion sale in 2025 before choosing an orderly wind-down.<\/p>\n

The decision came less than a year after BitMEX marked<\/a> its 11th anniversary in November 2025, celebrating its role in creating the perpetual swap, a type of futures contract with no expiration date.<\/p>\n

Related: <\/strong><\/em>SecondFi to wind down after $2.6M ADA theft linked to wallet flaw<\/strong><\/em><\/a><\/p>\n

\u201cBitMEX\u2019s closure is not an isolated event. It is the latest in a series of structural corrections playing out across the digital asset industry as the competitive landscape compresses, regulatory costs rise and the margin for operational inefficiency narrows,\u201d Roshan Dharia, a restructuring advisor and CEO of investment firm Echo Base, told Cointelegraph.<\/p>\n<\/div>\n

This article is produced in accordance with Cointelegraph’s Editorial Policy<\/a> and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.<\/p>\n

Read More<\/a>
\n Cointelegraph by Helen Partz<\/p>\n","protected":false},"excerpt":{"rendered":"

[Update, 15:18 UTC, July 23 – Adds comment from cofounder beginning in sixth paragraph.] BitMEX\u2019s utility token lost almost all of its value after the exchange announced Thursday it would wind down operations. The BitMEX (BMEX) token plunged 90% to as low as $0.002 from $0.06, according to CoinGecko data. It traded at $0.0063 at<\/p>\n","protected":false},"author":1,"featured_media":921982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29445,22591],"tags":[],"class_list":["post-921981","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitmex","category-token"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/921981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=921981"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/921981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/921982"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=921981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=921981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=921981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}