Bitcoin Outflow From BitMEX Evidently The Worst So Far

Bitcoin outflow from one of the largest cryptocurrency exchanged BitMEX was evidently the worst in July according to the reports that we have in our altcoin news below.

The new data shows that the Seychelles-based company experienced the most damaging net inflows in July. The fork monitor found out that BitMEX processed withdrawals of more than 50,000 Bitcoin which at the currency exchange rate is $476 million. The statistics show a distinctive line from what the Token Analyst had previously reported and the blockchain intelligence group had reported a bitcoin outflow of less than 40,000 Bitcoin which is close to $381.50 million. As per the Fork Monitor, the Token Analyst might have recorded their data from a limited number of cold wallets from the exchange. The research group included some missing details which swelled the exchange’s withdrawals as it was noted previously in the reports.

 “According to BitMEX company data, the Token Analyst’s BitMEX net flow figures have begun to deviate significantly from the actuals in the last 4 months. One should be able to replicate the data using the blockchain balances of 3BMEX and 3BitMEX addresses.”

The huge surge in bitcoin outflow followed reports that allege that the Commodity futures trading commission is probing BitMex. Bloomberg also reported that the US futures regulator doubts that the Seychelles exchange offered services to US-based clients without the needed license. BitMEX is among the leaders in crypto derivative services and controversially it offers up to 100x margin trading services to non-accredited investors.
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The analysts believe that the CFTC investigation alarmed the existing clientele of the platform. The price of bitcoin also dropped right after the news emerged.

However, it is not only the CFTC fear that has hurt BitMEX to the point of no return at least according to Ceteris Paribus, a Twitter-based market analyst. He noted as well that the clients doubled up their withdrawals from BitMEX right after Binance announced the new margin trading services which we discussed in our latest cryptocurrency news. The first few days of the month, many clients brought their wallets to BitMEX which eventually helped the platform a little to register the first positive inflow this month since February.