{"id":129550,"date":"2020-04-01T21:09:50","date_gmt":"2020-04-01T20:09:50","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=129550"},"modified":"2020-04-06T01:18:33","modified_gmt":"2020-04-06T00:18:33","slug":"amount-of-btc-held-by-bitmex-dropped-22-in-two-weeks","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/amount-of-btc-held-by-bitmex-dropped-22-in-two-weeks\/","title":{"rendered":"Here&#8217;s the key reason the amount of Bitcoin held by BitMEX dropped 22% in two weeks"},"content":{"rendered":"<p>The amount of Bitcoin held by crypto exchange BitMEX has drastically dropped in the past two weeks after the exchange experienced a massive liquidation spiral on Mar. 13. According to data from CoinMetrics, BitMEX currently has around 244,000 BTC, a 22.5 percent drop from its 315,000 BTC peak on Mar. 13.<\/p>\n<h2>BitMEX sees its Bitcoin reserves dry up after mid-March market crash<\/h2>\n<p>The crypto market took one of the heaviest blows in its history on Mar. 12, as most cryptocurrencies saw more than 50 percent of their value wiped out. Most of the losses Bitcoin took on happened on BitMEX, one of the largest cryptocurrency and derivatives exchanges in the world.<\/p>\n<p>At one point,\u00a0 Bitcoin saw its value fall as low as $3,700 on BitMEX, causing a slew of liquidations that have continued to rock the company for two weeks straight. Namely, the latest data from CoinMetrics showed that the amount of Bitcoin held by the exchange has been in freefall since Mar. 13.<\/p>\n<p><a href=\"https:\/\/coinmetrics.substack.com\/p\/coin-metrics-state-of-the-network-e18\">According to<\/a> the company\u2019s State of the Network report, BitMEX currently holds around 244,000 BTC. While the number is high in itself, it represents a 22.5 percent decrease from the peak deposit levels it saw on Mar. 13, when it held 315,000 BTC.<\/p>\n<figure style=\"width: 700px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/lEW3OnVJrtetTrQZWM2YNYp-2GK6ptkPyhQo4o5_mGXENIGXf7qgHlw9uuMy0JJu4Xc08woHYfpmXkQu18RcPenXfW5FTziDR_i6eCAOenAMaPHsyOeX1fd6LplenLdRyUL6nwFf\" alt=\"Graph showing the Bitcoin supply held by BitMEX from July 2018 to March 2020\" width=\"700\" height=\"450\" \/><figcaption class=\"wp-caption-text\">Graph showing the Bitcoin supply held by BitMEX from July 2018 to March 2020. <i>(Source: <\/i><a href=\"https:\/\/coinmetrics.substack.com\/p\/coin-metrics-state-of-the-network-e18\"><i>CoinMetrics<\/i><\/a><i>)<\/i><\/figcaption><\/figure>\n<h2>Massive Bitcoin withdrawals from BitMEX set to continue<\/h2>\n<p>The drastic decrease of BitMEX\u2019s Bitcoin holdings was caused by an equally drastic increase in Bitcoin withdrawal. Earlier this week, CryptoSlate <a href=\"https:\/\/cryptoslate.com\/ever-since-bitcoins-50-crash-investors-have-started-to-flee-bitmex\/\">reported<\/a> that more Bitcoin has been withdrawn from the exchange in the past two weeks than that was deposited.<\/p>\n<p>This, data from TokenAnalyst has <a href=\"https:\/\/www.tokenanalyst.io\/exchange\/BTC\/BitMEX?tier=-1\">shown<\/a>, resulted in a net flow of -67,000 BTC, valued at over $400 million.<\/p>\n<figure style=\"width: 1567px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/aon-j5tQLEThhG_i5sPeuji4TJRkdFEibirpN-zSqfXFw7Nm_4iYYqbjgKRhkbTUCb4C_CqSE_kqmNOHxEXhxWM0Owmuxjpsh7947xzQvjAO9WTDjj_ZmgNicgckQUqaSZUslbGZ\" alt=\"Graph showing Bitcoin deposits on BitMEX\" width=\"1567\" height=\"852\" \/><figcaption class=\"wp-caption-text\">Graph showing Bitcoin deposits on BitMEX. <i>(Source: TradingView)<\/i><\/figcaption><\/figure>\n<p>While it\u2019s hard to say what exactly is to blame for the huge hit BitMEX\u2019s Bitcoin deposits took this month, there are several things that could have led to it. Firstly, this monumental outflow of Bitcoin from BitMEX could have come as a result of the heavy promotion of other trading platforms such as ByBit and FTX. The exchange\u2019s sudden outage on Mar. 12 forced many high-frequency and high-volume traders to seek other, more stable platforms.<\/p>\n<p>Aside from that, <a href=\"https:\/\/cryptoslate.com\/bitmex-may-be-about-to-add-kyc-and-thats-bearish-for-bitcoin-traders-explain-why\/\">rumors<\/a> about the potential increase in KYC and AML requirements on BitMEX might have had an adverse effect on its traders.<\/p>\n<p>Some have even argued that BitMEX is losing dominance as a margin-enabled cryptocurrency exchange due to the growing propensity to \u201cHODL\u201d Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The amount of Bitcoin held by crypto exchange BitMEX has drastically dropped in the past two weeks after the exchange experienced a massive liquidation spiral on Mar. 13. According to data from CoinMetrics, BitMEX currently has around 244,000 BTC, a 22.5 percent drop from its 315,000 BTC peak on Mar. 13. BitMEX sees its Bitcoin [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":120924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60840,39,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here&#039;s the key reason the amount of Bitcoin held by BitMEX dropped 22% in two weeks<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/amount-of-btc-held-by-bitmex-dropped-22-in-two-weeks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here&#039;s the key reason the amount of Bitcoin held by BitMEX dropped 22% in two weeks\" \/>\n<meta property=\"og:description\" content=\"The amount of Bitcoin held by crypto exchange BitMEX has drastically dropped in the past two weeks after the exchange experienced a massive liquidation spiral on Mar. 13. According to data from CoinMetrics, BitMEX currently has around 244,000 BTC, a 22.5 percent drop from its 315,000 BTC peak on Mar. 13. BitMEX sees its Bitcoin [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/amount-of-btc-held-by-bitmex-dropped-22-in-two-weeks\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-01T20:09:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T00:18:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/bitmex.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Priyeshu Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priyeshu Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/amount-of-btc-held-by-bitmex-dropped-22-in-two-weeks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/amount-of-btc-held-by-bitmex-dropped-22-in-two-weeks\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#person\",\"name\":\"Priyeshu Garg\",\"url\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"caption\":\"Priyeshu Garg\"},\"jobTitle\":\"Analyst\",\"description\":\"Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. 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