The volume of open positions (ORs) on the BitMEX Cryptoderivatives Exchange fell below the annual minimum amid problems with the US regulators.
According to Arcane Research analysts, in just a few hours OI on BitMEX fell to 61,869 BTC. Approximately the same value was observed in April this year.
On October 1, it became known about a lawsuit filed by the U.S. Futures Trading Commission (CFTC) and the U.S. Department of Justice against BitMEX and its owners, including co-founder and CEO Arthur Hayes. They are charged with managing an unregistered trading platform Bitcoin Code and violating Commission regulations, including anti-money laundering and customer identification measures (KYC).
Shortly after this information became available, XBTUSD fell 11% in the IP on perpetual swap.
„Traders are definitely closing positions at BitMEX,“ said experts from Arcane Research.
Open interest at BitMEX continued to decline. To date, the depth of decline has exceeded 16%.
The number of Bitcoins stored at BitMEX addresses has been steadily declining since the March market collapse.
Analyst Alex Kruger believes that in the long term, BitMEX problems will have a positive impact on U.S. exchanges and over-the-counter trading.
„News about BitMEX is bearish in the short term, but bullish in the long term“.
Kruger does not rule out that this will bring closer SEC approval of Bitcoin-based exchange funds (ETFs).
In May, The Bitcoin Manipulation Abatement LLC sued BitMEX, accusing the exchange of illegal activities in the United States, manipulation of the cryptographic market, fraud, unfair business practices, money laundering and illegal management of raised funds.
In August, BitMEX introduced new verification rules according to which users are required to confirm their address and provide identification documents.
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