The amount of Bitcoin (BTC) held by crypto exchange BitMEX has fallen by 25% in the past few weeks.
During the crypto bloodbath on March 12, Bitcoin (BTC) fell 50% from a price over $10,400 on March 12. Mass liquidations on BitMEX were believed to play a big role in the crypto crash. Ever since, the amount of Bitcoin held on the platform has decreased significantly.
According to data collected by CoinMetrics, on March 13, BitMEX held approximately 315,000 BTC. This number has dropped to 244,000 BTC as of March 29.
The reasons for the plunge aren’t entirely clear. Investors may simply be withdrawing their crypto to cold storage in the face of an uncertain market or BitMEX may have decided to reduce its own exposure to BTC. However the outflows could also signify a lack of confidence in BitMEX itself — following the crypto bloodbath liquidity on the exchange’s BTC futures dried up.
Others suggest that it may simply be a result of large players and institutional investors deciding to get out of the space entirely during the current crisis.
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