BitMEX token crashes 90% as exchange announces shutdown
Summary
BitMEX’s BMEX utility token collapsed after the exchange announced it will wind down operations. The token fell about 90%, dropping from around $0.06 to as low as $0.002 before recovering slightly to about $0.0063. The decline started roughly an hour before the shutdown announcement on X. The closure follows a sharp loss in BitMEX’s market relevance, with its share of Bitcoin futures trading reportedly down to about 0.08% and daily volume around $84 million. Reports also said BitMEX owners had explored a possible $1 billion sale in 2025 before opting for an orderly wind-down. BitMEX is widely credited with helping shape crypto derivatives markets, including pioneering the perpetual swap.
