BitMEX traders withdrew over 37,000 Bitcoin ($400 million) in less than 24 hours after CFTC charges, Binance and Gemini are winners

Crypto data and analytics firm CoinMetrics said 37,772 bitcoin, currently worth about $400 million, has been withdrawn from BitMEX in less than 24 hours after The Commodity Futures Trading Commission (CFTC) filed charges against the crypto derivatives exchange’s owners, with Binance and Gemini together capturing over 1/3 of the withdrawals, tweeted Coinmetrics.

Source: Coinmetrics

BitMEX currently still holds between 135,000 and 170,000 bitcoin, meaning many of its customers are staying put — at least for now. 

Not today, BitMEX had its largest ever net negative change in Bitcoin balance yesterday, with users withdrawing 20.9K BTC, according to Coinmetrics.

Source: Coinmetrics

Open positions in bitcoin perpetuals (futures without expiry) traded on BitMEX have also declined by nearly 22% from $592 million to $462 million, according to data provided Skew, a crypto derivatives research firm.

However, liquidity, as measured by the bid/offer spread, on the exchange remains relatively stable, and the large trades can still be executed at low cost.

The large withdrawals come soon after the Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice (DOJ) filed charges against the owner-operators of BitMEX, including co-founder and CEO Arthur Hayes, for allegedly operating an illegal exchange and violating rules. The DOJ also arrested BitMEX CTO Samuel Reed in Massachusetts. 

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