{"id":132169,"date":"2020-04-30T22:35:13","date_gmt":"2020-04-30T21:35:13","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=132169"},"modified":"2020-04-30T22:36:02","modified_gmt":"2020-04-30T21:36:02","slug":"crypto-traders-go-into-hiding-as-bitmex-continues-losing-market-share","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-traders-go-into-hiding-as-bitmex-continues-losing-market-share\/","title":{"rendered":"Crypto traders go into hiding as BitMEX continues losing market share"},"content":{"rendered":"

The crypto market has been subjected to immense volatility throughout 2020, with Bitcoin<\/a> plummeting to lows of $3,800 in mid-March before incurring an intense rebound that has since led it all the way up to highs of $9,500.<\/p>\n

It appears that this immense volatility \u2014 and especially that seen throughout the past couple of days \u2013 has sent crypto traders into hiding, as the benchmark cryptocurrency\u2019s open interest has been diving while traders flee BitMEX.<\/p>\n

This occurrence is likely to favor bulls in the near-term, as the majority of spot traders tend to lean towards taking more passive positions, meaning that the crypto\u2019s volatility may soon subside as it enters a stable mid-term uptrend.<\/p>\n

Bitcoin open interest craters as traders flee crypto market<\/strong><\/h2>\n

Active margin traders have been subjected to multiple unprecedented movements in recent times that have cost the majority of them large sums of capital.<\/p>\n

The meltdown in mid-March<\/a> created a cascade of liquidations on BitMEX, leading traders in long positions to rapidly be liquidated as buying pressure all but evaporated.<\/p>\n

\"The<\/a>
Related: The crypto market\u2019s early-March meltdown revealed something super bullish for Bitcoin<\/a><\/figcaption><\/figure>\n

Trading on the popular platform was then shut down temporarily due to a reported \u201chardware flaw\u201d \u2013 although some have speculated that the liquidations would have continued pushing Bitcoin lower had BitMEX not halted trading.<\/p>\n

Although there are many other platforms besides BitMEX, the effects this occurrence sent shockwaves across all exchanges, even leading Bitcoin\u2019s spot price to drop towards $4,000 for a short amount of time.<\/p>\n

In the time following this movement, the cryptocurrency\u2019s open interest dived before stabilizing around the $500 million level until yesterday, when Bitcoin\u2019s rapid rise to highs of $9,500 liquidated another over $100 million in short positions.<\/p>\n

This led BTC\u2019s open interest<\/a> to decline towards $400 million, a sign that traders are fleeing the crypto market for the time being.<\/p>\n

\"BitMEX
BitMEX XBTUSD Open Interest (Image Courtesy of Skew<\/a>)<\/figcaption><\/figure>\n

Recent liquidation imbroglio sparks exodus away from BitMEX<\/strong><\/h2>\n

Part of the reason why Bitcoin\u2019s OI on BitMEX<\/a> has been declining is because the platform is seeing large BTC outflows as it loses its market share.<\/p>\n

Larry Cermak \u2013 the director of research at The Block \u2013 spoke about this trend in a recent tweet<\/a>, explaining that the crypto trading platform lost 50 percent of its market share in the time since November of 2019.<\/p>\n

\u201cBitMEX has been drastically losing market share in the last 6 months. By the end of November, BitMEX had 41.6% of the total open interest and now only less than 21%. So they lost ~50% of their market share now. Eventually if you don't innovate, you will be overtaken.\u201d<\/p><\/blockquote>\n

\"Bitcoin\"
Image Courtesy of Larry Cermak<\/figcaption><\/figure>\n

If the crypto market's mid-term trend is governed more by retail investors than by margin traders, this could lessen the volatility and help increase the sustainability of its future uptrends.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto market has been subjected to immense volatility throughout 2020, with Bitcoin plummeting to lows of $3,800 in mid-March before incurring an intense rebound that has since led it all the way up to highs of $9,500. It appears that this immense volatility \u2014 and especially that seen throughout the past couple of days […]<\/p>\n","protected":false},"author":174,"featured_media":132175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,39,15323],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nCrypto traders go into hiding as BitMEX continues losing market share<\/title>\n<meta name=\"description\" content=\"It appears that the crypto market's immense volatility \u2013 and especially that seen throughout the past couple of days \u2013 has sent traders into hiding\" \/>\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\/crypto-traders-go-into-hiding-as-bitmex-continues-losing-market-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto traders go into hiding as BitMEX continues losing market share\" \/>\n<meta property=\"og:description\" content=\"It appears that the crypto market's immense volatility \u2013 and especially that seen throughout the past couple of days \u2013 has sent traders into hiding\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-traders-go-into-hiding-as-bitmex-continues-losing-market-share\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-30T21:35:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-30T21:36:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/04\/bitmex-hide.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=\"Cole Petersen\" \/>\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=\"Cole Petersen\" \/>\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\/crypto-traders-go-into-hiding-as-bitmex-continues-losing-market-share\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-traders-go-into-hiding-as-bitmex-continues-losing-market-share\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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