RATE Group | Bitcoin Traders Abandon Exchange Amid CFTC Probe
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Bitcoin Traders Abandon Exchange Amid CFTC Probe

05 Aug Bitcoin Traders Abandon Exchange Amid CFTC Probe

Posted at 00:02h in Bitcoin News by

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bitcoin traders leaving bitmex

Bitcoin traders yanked a staggering $525 million off BitMEX in July amid rumors of a CFTC probe and competition from Binance. | Source: CNBC/YouTube (i), Shutterstock (ii). Image Edited by CCN.

July wasn’t exactly a banner month for crypto investors, but it turns out it was even worse for one of the world’s largest bitcoin trading platforms: BitMEX.

BitMEX Just Had Its Worst Month Ever by One Key Metric

Data curated by TokenAnalyst reveals that BitMEX, a cryptocurrency exchange that offers up to 100x leverage, suffered nearly $525 million in net bitcoin outflows in July, by far its worst-ever month by this metric.

bitmex bitcoin flows july 2019 chart
More than half-a-billion dollars worth of bitcoin fled BitMEX in July. | Source: TokenAnalyst

According to pseudonymous crypto data analyst Ceteris Paribus, BitMEX had never experienced more than $100 million in net outflows in a single month.

Even in 2018, amid the slow-motion bitcoin price crash known as “crypto winter,” the Arthur Hayes-led firm recorded net inflows for…

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