BitMEX Outflow $73M after CFTC Investigation – A Bomb for Bull Market?

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According to London-based blockchain data provider Token Analyst, BitMEX’s BTC outflow reaches $85 million over 24 hours after US Commodity Futures and Trade Commission began a month long investigation of BitMEX over its high leverage bitcoin trading option and the legality of allowing US citizens to access the exchange. BitMEX’s BTC outflow exceeded inflow by $73 million (only $12 million came in BitMEX), which appeared to be abnormal in comparison with other exchanges.

The month long probe will investigate the legality of operations on the platform that was not registered with the regulatory body before allowing Americans to trade. Some commentators online considered the recent spike of outflows on BitMEX a sign of panicked leaving.

A Bomb for BTC Bullish Market?

The reported CFTC investigation revolves around whether BitMEX was providing services to US traders. Any exchange that allows US citizens trading needs to be CFTC-registered. According to some clients in BitMEX, due to the terms of service do list the US as a restricted jurisdiction, their accounts have been shut down on suspicion of they are US customers. Though BitMEX restricted clients from US, most traders would set up a VPN in order to get around geo-blocking or other restrictions.

The BTC outflow from BitMEX possibly represent American investors withdrawing funds from the exchange in order to keep them from the CFTC. Furthermore, though some suggest that the outflow BTC will find its way into the spot markets. It is likely that much of this liquidity will find its way onto other exchanges or even hardware wallets. Even if they were to be sold off, that sort of amount shouldn’t cause a substantial dip in BTC price.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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