Amount of BTC Held by BitMEX Dropped 22% in Two Weeks

Amount of BTC Held by BitMEX Dropped 22% in Two Weeks

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 reserves dry up after mid-March market crash

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. At one point, 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. According to the company’s 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. Read More...