Bitfinex and BitMEX Continue to See Shrinking Bitcoin Supply After March 12 Crash: Report

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Tue, 05/12/2020 - 15:05
Alex Dovbnya
Bitfinex and BitMEX were the hardest-hit exchanges after the March crypto crash in terms of Bitcoin (BTC) supply
Cover image via stock.adobe.com
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In a new issue of its weekly ‘State of the Network’ report, cryptocurrency research firm CoinMetrics has revealed that the Bitcoin supply of Bitfinex and BitMEX continues to decrease.

In fact, the amount of BTC that is held by the two major exchanges recently reached yet another low.

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Bitfinex users shift gears

To put this into perspective, Bitfinex now controls 93.8K BTC, which represents a 51 percent decrease since March 13. 

image by coinmetrics.substack.com

In the meantime, it has managed to substantially increase its Ethereum holdings, which currently stand at 5 mln ETH.

For comparison, Binance, the biggest exchange by trading volume, hasn’t seen a significant change in its Bitcoin and Ethereum supply

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BitMEX loses its crown

BitMEX also took a 31 percent blow after the sell-off (from 315.7K to 216.0K BTC).   

However, the detrimental impact of the March crypto meltdown extends far beyond its shrinking Bitcoin supply.

As reported by U.Today, the Arthur Hayes-helmed exchange, which has controlled more than 80 percent of the derivatives market, has slipped to fourth place (behind OKex, Huobi, and Binance).  

According to data provided by SimilarWeb, BitMEX’s website traffic was down 40.46 percent in April.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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