{"id":173368,"date":"2020-10-05T08:00:40","date_gmt":"2020-10-05T07:00:40","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=173368"},"modified":"2020-10-05T14:06:16","modified_gmt":"2020-10-05T13:06:16","slug":"bitmex-bitcoin-futures-have-completely-unwound-as-platform-exodus-continues","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitmex-bitcoin-futures-have-completely-unwound-as-platform-exodus-continues\/","title":{"rendered":"BitMEX Bitcoin futures have \u201ccompletely unwound\u201d as platform exodus continues"},"content":{"rendered":"

Recent news regarding the U.S. Commodities and Futures Trading Commission's crusade against the three co-founders of BitMEX<\/a> has had grave implications for Bitcoin and the crypto market.<\/p>\n

Many investors now fear that this marks the start of a fresh round of regulatory scrutiny on the crypto industry from U.S. regulators, which could have far-reaching implications for the market.<\/p>\n

Although the tangible impacts that this has had so far on Bitcoin\u2019s trading dynamic<\/a> have been somewhat limited, with its price only sliding a few percent on the news \u2013 it has struck a potentially lethal blow to BitMEX.<\/p>\n

In addition to seeing plunging open interest, Bitcoin futures on the platform have been almost entirely unwound, signaling that traders are fearful that funds on the trading venue may not be safe if regulators move to seize the domain or arrest the other co-founders \u2013 who are each multi-sig key holders for all withdraws.<\/p>\n

BitMEX sees massive Bitcoin outflows following CFTC news<\/strong>\u00a0<\/strong><\/h2>\n

Earlier this week, news broke regarding the CFTC\u2019s decision to charge the three co-founders of BitMEX<\/a> for crimes relating to multiple regulatory violations.<\/p>\n

One of the co-founders,\u00a0residing within the United States, was arrested early in the morning at his house, while the other two co-founders are currently abroad.<\/p>\n

Although the platform is still operating normally and withdraws are being processed regularly, users are concerned that there may be some event that changes this in the immediate future.<\/p>\n

According to analytics platform Glassnode<\/a>, BitMEX saw its largest single withdraw batch following the reports regarding the CFTC\u2019s pursuit of the founders.<\/p>\n

\u201cAccording to our data, last night more than 23,200 BTC were withdrawn from BitMEX addresses in a single hour (~13% of all BTC in their vaults). That is the largest hourly BTC outflow from BitMEX we've observed so far.\u201d<\/p><\/blockquote>\n

\"Bitcoin\"
Image Courtesy of Glassnode.<\/figcaption><\/figure>\n

BitMEX BTC futures unwind as investors flee the platform<\/strong><\/h2>\n

BitMEX Bitcoin futures have been unwinding, showing that investors aren\u2019t keen on holding positions that lock them into the platform for an extended period of time.<\/p>\n

SplitCapital spoke about this in a recent tweet<\/a>, explaining that he is expecting to see further declines in open interest and on-platform Bitcoin balances in the coming few days and weeks.<\/p>\n

\u201cMex futures completely unwound. I suspect that as more people exit positions, we'll see OI and more coin withdrawals in the coming days.\u201d<\/p><\/blockquote>\n

\"\"
Image Courtesy of SplitCapital. Chart via Skew<\/a>.<\/figcaption><\/figure>\n

BitMEX\u2019s dominance over the trading sector will likely continue declining in the days and weeks ahead as users move to protect their capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

Recent news regarding the U.S. Commodities and Futures Trading Commission’s crusade against the three co-founders of BitMEX has had grave implications for Bitcoin and the crypto market. Many investors now fear that this marks the start of a fresh round of regulatory scrutiny on the crypto industry from U.S. regulators, which could have far-reaching implications […]<\/p>\n","protected":false},"author":174,"featured_media":132175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nBitMEX Bitcoin futures have \u201ccompletely unwound\u201d as platform exodus continues<\/title>\n<meta name=\"description\" content=\"Bitcoin futures on BitMEX have almost entirely unwound, signaling that traders are fearful that funds on the trading venue may not be safe.\" \/>\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\/bitmex-bitcoin-futures-have-completely-unwound-as-platform-exodus-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMEX Bitcoin futures have \u201ccompletely unwound\u201d as platform exodus continues\" \/>\n<meta property=\"og:description\" content=\"Bitcoin futures on BitMEX have almost entirely unwound, signaling that traders are fearful that funds on the trading venue may not be safe.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitmex-bitcoin-futures-have-completely-unwound-as-platform-exodus-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-05T07:00:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-05T13:06:16+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\/bitmex-bitcoin-futures-have-completely-unwound-as-platform-exodus-continues\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitmex-bitcoin-futures-have-completely-unwound-as-platform-exodus-continues\/\"},\"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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