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BREAKING: Crypto exchange BitMart to shut down after nine years, BMX token crashes 58%

Last week BitMEX said it was closing.

Over the weekend, BitMart said the same.

That's two of crypto's older exchanges announcing shutdowns within days of each other.

BitMart is the fresh one and after nine years, it's winding down.

Trading stops on August 26, and the platform closes for good on January 31.

The reason it gave was boilerplate: "operating conditions, market environment, and future strategic direction."

It tells you nothing, so the more useful thing is to compare the two exits, which look nothing alike.

BitMEX is going out clean.

Eleven years, not one customer coin lost to a hack, and it's closing while the no-expiry futures contract it invented trades at record volume.

It lost the liquidity race to Binance and the newer on-chain venues, but it's leaving with its books in order.

BitMart's exit smells worse.

Its BMX token fell around 60% in a day and roughly 70% over the year, down to a market value near $27 million.

Withdrawals are still open, but the exchange is warning of extra identity, source-of-funds and sanctions checks that could slow payouts if everyone heads for the door at once.

It also carries a wound BitMEX never did, a $196 million hot-wallet hack back in December 2021.

BitMart's own global CEO, Nathan Chow, says he was fired on July 24 and learned the exchange was closing when the rest of us did.

Weeks earlier, he'd told users it was good for another eight years.

When the person running an exchange doesn't know it's shutting, that's not the mark of an orderly wind-down…

Two mid-tier exchanges dying in a week isn't a fluke.

Liquidity keeps draining to the biggest venues and the on-chain perp platforms, leaving smaller players with thinner volumes, heavier compliance bills and less trust to run on.

BitMart probably won't be the last.

So if your coins sit on a smaller exchange, the smart move is to withdraw early, while the queue is short and the checks are quick, because in a stressed wind-down the stragglers are the ones who get stuck.

What might show up when you search your name in public records?

Run a search using your name and state to check for possible unclaimed funds linked to you. State agencies maintain records of accounts, refunds, and deposits that were never collected.

Check your name to explore what may be associated with you

Search Your Name & State

In his latest keynote, Larry Lepard framed Bitcoin as something bigger than an asset. A dividing line in history.

Lepard is a veteran investor and author of "The Big Print", one of the most articulate voices on monetary debasement.

His starting point was the trap governments are now in:

That's the whole macro picture in 3 sentences. Too much debt, one escape hatch, and it runs through your purchasing power. The money is going bad, and going bad faster every year.

Which is exactly why he's a Bitcoiner.

And he doesn't think most people grasp the scale of it. Quoting Jesse Myers, he called it a once in humanity kind of event — that there will be pre-Bitcoin and post-Bitcoin, and we're living right on the seam.

His personal read on the current price? Pure conviction.

The money is breaking on schedule. The alternative is fixed at 21 million.

Pre-Bitcoin, or post-Bitcoin. Pick your side of the line. 🕯️

Let’s kick off the week with a look at the Bitcoin HODL Waves - one of the clearest snapshots of market conviction.

Each coloured band represents the percentage of Bitcoin that last moved within a specific time frame.

The warmer the colour, the younger the coins - with red showing Bitcoin that has been held for less than one day.

Today, we’re focusing on short-term holders (STHs) - defined as coins held for less than six months.

Here's how the supply breakdown looks today compared to two weeks ago:

TL;DR: 18.28% of all Bitcoin is in the hands of short-term holders.

Down from 18.64% two weeks ago - a 0.36% drop, and another fresh low.

But the engine's changed…

The 3-6 month cohort did all the work last time, shedding 1.54% across the six-month line into long-term hands.

This time that line barely moved.

The band actually grew a little, to 6.50%, as arrivals from the 1m-3m cohort (down 1.11%) roughly matched the coins graduating out the back.

The six-month conveyor is still running, it's just in balance now.

The drop came from the front end instead. Sub-1-week supply fell from 2.91% to 2.15%. The 1w-1m band swelled to 4.54%, but that's the last fortnight's buyers aging forward rather than new money arriving.

Net it out: short-term supply keeps thinning, down from roughly 30% to start the year. Two weeks ago it thinned because old coins were hardening into long-term hands.
This time it thinned because fewer people showed up to buy.

Mira Murati’s Inkling AI Model Review: Best Open-Source Model in the West. The open-weight model excelled at agentic tool use but delivered uneven coding performance and difficult price-to-performance tradeoffs.

Shiba Inu surges 36% as South Korean traders fuel mystery rally. Korean exchanges drove the rally without a clear catalyst while other dog tokens failed to follow.

South Korea’s largest bank to launch payment service on JPMorgan’s Kinexys. KB Kookmin Bank will use JPMorgan’s blockchain network for U.S. dollar payments and FX settlement across 10 countries.

Michael Saylor teases ‘another color’ after four straight weeks without a Strategy bitcoin buy. Strategy’s next filing could reveal a purchase, reserve addition, or another capital-management move.

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Trivia Answer: Bitcoin's market capitalisation as a percentage of the total crypto market🥳

Bitcoin dominance is a market-share measure. A rising figure means Bitcoin represents a larger slice of total crypto market value.

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