90% in a single session. That is how much BitMEX's native BMEX token lost after the exchange confirmed it is shutting down, ending nearly 12 years of operation. The collapse was immediate: traders dumped the token as soon as the announcement hit, with almost no bounce.
BitMEX built its name on Bitcoin perpetual futures and was once one of the most dominant derivatives venues in crypto. At its peak around 2019-2020, it regularly processed billions of dollars in daily volume. By the time the shutdown was announced, its share of the Bitcoin futures market had shrunk to a fraction of what it once was, squeezed out by Binance, Bybit and OKX over several years of intensifying competition.
BMEX had already been a low-liquidity asset for most of its existence, which made the 90% crash even more brutal for anyone still holding the token. A thin order book amplifies every sell wave, and this one found virtually no buyers on the way down.
The exchange did not give a precise wind-down date in its initial statement. Users holding funds on the platform will be watching closely for withdrawal deadlines, the detail that matters most at this point.
This article is for informational purposes only and does not constitute financial advice. Crypto assets carry significant risk, and past performance is not indicative of future results.
