BitMEX and BitMart have announced their closures, marking a new phase of consolidation in the cryptocurrency sector. Unlike the FTX collapse in November 2022, which triggered a massive confidence crisis and bank run due to customer fund misappropriation and the illiquid FTT token, these closures are more orderly. BitMEX, founded by Arthur Hayes in 2014, failed to find a buyer, likely due to complications surrounding its 270 million dollar insurance fund. The platform has assured that its assets exceed its liabilities, a radically different situation from FTX. Experts observe that liquidity is migrating to the largest remaining exchanges, such as Binance, and that the coming years will be dominated by platforms meeting institutional standards.
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