BitMEX Token Crashes 90% as Exchange Shutters
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- BitMEX token crashed 90% after the exchange announced it is winding down operations.
- BitMEX's share of the Bitcoin futures market had fallen to about 0.08%, with roughly $84 million in daily Bitcoin futures trading volume, according to CryptoQuant CEO Ki Young Ju.
- Ki Young Ju called BitMEX "a great exchange that helped shape the industry," saying it is now "passing the torch to the next generation of exchanges it inspired" in an X post on Thursday.
- 10x Research told Cointelegraph that BitMEX's owners had explored a potential $1 billion sale in 2025 before choosing an orderly wind-down.
- BitMEX had marked its 11th anniversary just months earlier in November 2025, celebrating its role in creating the perpetual swap — a futures contract with no expiration date.
Why it matters: BitMEX, which pioneered the perpetual swap and once dominated crypto derivatives, collapsed to 0.08% market share and couldn't find a $1 billion buyer in 2025, forcing an orderly wind-down — marking the exit of a foundational name in exchange history.
