Binance and others overtake BitMEX as the most widely used platform for crypto derivatives
As described in detail in the last few weeks, the dynamics of the crypto market has changed since the Bitcoin flash crash of 12. March, in which the market capitalization within 24 hours lost almost 50 percent has changed dramatically .
The data shows that BitMEX, a top exchange for crypto derivatives, is particularly affected by this step, as users seem to be giving up the platform for alternative exchanges.
BitMEX falls out of the top 3 Bitcoin derivatives exchanges
According to data shared by Joe McCann, a well-known crypto trader and AI / cloud specialist at Microsoft, the reported volume of BitMEX derivatives (from Bitcoin to the Altcoin pairs) was released on 29. March overtaken by the reported volume of derivatives on Binance, OKEx and Huobi Global.
In fact, in the last 24 hours at BitMEX contracts worth 1, 46 Billion dollars traded while Huobi, the leading derivatives platform, traded $ 2 billion contracts – a difference of almost 37 percent.
This is a major shift from BitMEX, embodied in the trading day on which the exchange traded over 16 billion dollars.
The recent drop in BitMEX contract usage has been confirmed by data from the cryptanalysis website TokenAnalyst, which shows that BitMEX has withdrawn more Bitcoin than deposited in the past two weeks.
There are many reasons why this trend could take place, including rumors that the stock exchange is about to add KYC support, as evidenced by a job posting from the stock exchange asking for an AML manager, was confirmed a little.
Some have justified the alleged decline in the stock market by saying that on 12. March was exposed to a DDoS attack when market volatility literally peaked and investors were most vulnerable to liquidation.
It will be exciting to see how this trend will continue in the future. Will Bitmex, as the leading platform, be thrown off the throne in the long term due to controversy?
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