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BitMEX’s BMEX token plunges about 90% after exchange shutdown plan

BMEX said it will wind down operations after its Bitcoin futures market share fell to about 0.08%, with around $84 million in daily futures volume, according to CryptoQuant.

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BitMEX’s BMEX utility token crashed by roughly 90% after the exchange announced plans to shut down, ending nearly 12 years in business, Cointelegraph reported. The token fell to around $0.002 from about $0.06, with CoinGecko data cited by the outlet.

Cointelegraph said BMEX announced the closure on Thursday, with the token beginning its decline around 7:00 am UTC, about an hour beforehand. The outlet attributed the exchange’s shrinking footing in Bitcoin derivatives to a drop in its Bitcoin futures market share to about 0.08%.

According to CryptoQuant CEO Ki Young Ju, BitMEX handled roughly $84 million in daily Bitcoin futures trading volume, as cited by Cointelegraph. Ju also said in an X post that BitMEX helped shape the industry and is now passing its legacy to newer exchanges.

Cointelegraph added that blockchain analytics firm 10x Research said BitMEX owners explored a potential $1 billion sale in 2025 before deciding on an orderly wind-down. The report notes the decision came less than a year after BitMEX marked its 11th anniversary in November 2025, highlighting its role in developing perpetual swaps.

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