BitMEX Token Plunges 95% Following Exchange Shutdown Announcement

BitMEX’s native BMEX token lost nearly all of its value on Thursday after the exchange announced it would wind down operations, ending almost 12 years in business.

Token Crashes Ahead of Official Announcement

BMEX fell as much as 95%, dropping from around $0.06 to a low of $0.002, according to CoinGecko data. Notably, the token began sliding around 7:00 am UTC, roughly an hour before BitMEX publicly confirmed the shutdown on social media.

Shrinking Market Share Behind the Decision

The closure followed a steep decline in BitMEX’s share of the Bitcoin futures market, which fell to about 0.08%, with daily trading volume around $84 million, according to CryptoQuant CEO Ki Young Ju. He credited BitMEX with helping shape the industry, noting it was now passing the torch to exchanges it had inspired.

Sale Considered Before Wind-Down

BitMEX’s owners had explored a potential $1 billion sale in 2025 before ultimately opting for an orderly shutdown instead. The decision comes less than a year after the exchange marked its 11th anniversary, celebrating its role in creating the perpetual swap contract.