- Open interest on Bitcoin derivatives have fallen down and has hit the yearly bottom of 61869 BTC
- Open interest on the XBTUSD perpetual contracts (which are measured in BTC) has fallen down by 11% in just a few hours of the announcement
- As of now, open interest has depreciated by almost 16% since the announcements
Recent research from Arcane Research has revealed that the open interest on Bitcoin derivatives have fallen down and has hit the yearly bottom of 61869 BTC. The trend is synced with the recent announcements of the CFTC charge on the cryptocurrency exchange. The last time when the open interest on the exchange experienced such lows was on April 30. Back then, the open interest nosedived to 61975 BTC. It seems like the recent CFTC announcements have widely affected the exchange’s open interest.
BitMex Accused of Providing Illicit Cryptocurrency Trading to the Customers
Arcane Research has further mentioned that the open interest on the XBTUSD perpetual contracts (which are measured in BTC) has fallen down by 11% in just a few hours of the announcement. By now it has become evident that the customers are closing their positions in the BitMex crypto exchange. The U.S. Commodity Futures Trading Commission (CFTC) and federal prosecutors have accused the exchange of offering trades that were apparently unregistered under the competent authorities. It seems like BitMex has been offering its customers illegal crypto trading services and has even violated the Bank Secrecy Act.
The Filing has Mandated the Exchange to Reimburse all the Profits Generated
The filing clearly states that BitMex has never been registered with CFTC and has broken several laws that are essential for integrity and vitality of the US trade markets. Moreover, the authority wants the exchange to reimburse all the profits generated from illicit activities to their customers and pay all the civil penalties and lastly to eradicate any such agreements with the customers that violate the laws. However, BitMex in its official blogpost has strongly disagreed to the charges pressed by CFTC. They have declared that from the very first they have always complied with the US laws.
Open Interest in BitMex Fall Further by 16% Since the Announcement
However, the most recent updates from Arcane Research suggest that the open interest on BitMex has fallen further. From 61869 BTC, the open interest has fallen down to 45112 BTC in just a matter of a few hours. As of now open interest has depreciated by almost 16% since the announcements.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.