•  The exchange handled $5.32 billion worth futures contracts trades in the last 24 hours and $136.63 billion in the past month. 
  • The firm is currently under investigation by CFTC for providing a platform for US-based traders.

BitMEX, a crypto derivatives platform, has recorded an outflow of $524 million from its trading platform in July. This makes it the worst month for the exchange so far. As per TokenAnalyst, the outflow of funds on the derivatives exchange remained on the upper side than inflows.
 
Interestingly, despite the dominance of bear on the crypto trading market last year, the exchange brought in $1.3 billion in funds. The inflow of funds has been higher than the outflow from the exchange. Being one of the largest crypto derivatives platforms, BitMEX offers leverage up to 100x for its futures contracts. According to the company's website, the firm handled $5.32 billion worth futures contracts trades in the last 24 hours and $136.63 billion in the past month. 
 
As the exchange will be required to obtain a license from the Commodities and Futures Commission (CFTC) to operate in the US, it does not offer its services in the country. However, the exchange has been accused of providing services to Americans regardless. If this is true, it could be one of the main reasons for the massive increase in outgoing funds from the firm. The CFTC is currently investigating the exchange regarding these alleged misdemeanors. Co-founder and CEO of BitMEX, Arther Heyes said that the exchange is planning to consider the expansion of its services by launching a cryptocurrency options platform.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Saturday’s closing below $9700 unnerves BTC bulls

Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. Range play to extend as long as it remains trapped between two key HMAs.

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP