BitMEX delists 35 derivatives as September shutdown and lawsuit hit
The lawsuit paints a familiar post-closure pattern: a venue winds down leverage products while a plaintiff claims an internal desk profited from frozen customer books.
Bitcoin (BTC) is the first decentralized cryptocurrency, introduced in 2009 by an individual or group operating under the pseudonym Satoshi Nakamoto. It runs on its own blockchain, the Bitcoin network, secured through a Proof of Work consensus mechanism in which miners use computing power to validate transactions and produce new blocks roughly every ten minutes. The protocol defines a hard cap of 21 million coins, and the block reward given to miners is automatically halved approximately every four years, embedding a predictable, disinflationary issuance schedule into the network. This scarcity, combined with permissionless access and resistance to censorship, has led many to characterize Bitcoin as a form of digital gold or a store of value distinct from traditional fiat currencies. Beyond peer-to-peer transfers, the Bitcoin ecosystem has expanded to include Ordinals, a method of inscribing data onto individual satoshis that enables NFT-like assets directly on the base layer, and BRC-20, an experimental fungible token standard built on those inscriptions. Emerging Bitcoin Finance (BTCFi) initiatives extend these capabilities further, allowing BTC to be used in staking, lending, and cross-chain security applications, positioning Bitcoin as a foundation for a broader decentralized financial ecosystem.
The lawsuit paints a familiar post-closure pattern: a venue winds down leverage products while a plaintiff claims an internal desk profited from frozen customer books.
The sell crystallised a £39,984-per-coin loss and signals a wider pivot among treasury holders treating BTC as liquidity rather than a permanent reserve.
The unwind itself was the sell signal; the squeeze in IREN, Core Scientific and peers suggests short sellers crowded into a thesis that just broke.
The fourth distribution drops $2.2B into a market already under macro pressure, and any creditor that fails to onboard by the deadline forfeits the claim outright.
The dilution machine is breaking. Two years of buy-buy-buy lifted treasury stocks; now shareholders are selling the equity because the math stopped working.
Glassnode says the marginal BTC buyer is now being paid to wait: only the second time on record that Treasury yields beat the carry trade, with spot volume at a 2019 low.
The legal fight is framed as futures vs. swaps, but Duffley's real alarm is the IRS bill traders could face if courts reclassify a year of 1256 filings as ordinary income.
The reverse split keeps the listing alive, but a suspended stock leaves BTC treasury management under a cloud while the company still sits on roughly 8,000 BTC.
Prediction markets now price just a 37% chance of passage before year-end, and the bank warns delays risk pushing tokenization onto TradFi rails rather than public crypto networks.
With September hike odds jumping to 43% from 23% on the same day, the real story isn't the hold, it's the market's read that the Fed is now behind the curve on the long end.
A listed company trimming its BTC treasury to pay for a concrete expansion is a different signal from selling into a drawdown: it is a capital allocation move, not a loss cut.
The miss is large enough to reopen the recession-bid conversation on its own, and it lands the same week as the Fed's rate decision.
The $27M July outflow is the first negative month for Hyperliquid ETFs after $280M of cumulative inflows, yet Grayscale argues HYPE trades at 15-18x projected earnings versus 35-40x for Coinbase and…
ETF flows get the headlines, but the real fragility sits in Bitcoin-backed credit: a 50% LTV loan liquidates near $39,900, and the credit stack that built up around that collateral is mostly…
After $2.43B and $4.52B fled in May and June, July's $205M tally shows the institutional bid is not just light but contracting: per-product appetite is approaching the floor of an entire year of…
The pitch hinges on a dovish Fed clearing $1.20 resistance, with Polymarket pricing 70% odds of that catalyst by month-end. Both bull and bear cases map to specific levels the chart already respects.
Bitcoin barely budged at $63,915 while a hawkish FOMC dissent, $286M in liquidations, and an 8% overnight oil spike erased Monday's calm across equities, leaving crypto's relative resilience as the…
Gains are still concentrated in a handful of mid- and small-cap names, but a positive monthly print after a long losing streak is the first mechanical signal that breadth may be turning.
The reversal is small in dollar terms, but the timing ahead of the FOMC decision is the real signal: BlackRock's IBIT is buying into fear again, and the institutional bid has held through every dip…
The DCG-owned exchange shrinks for the second time in three years, betting that B2B white-label deals and leaner ops can offset a thinning retail book.
Bitcoin is the world's first decentralized cryptocurrency, created in 2009 by the pseudonymous Satoshi Nakamoto.
Bitcoin (BTC) launched on 2009-01-03.
Bitcoin (BTC) is categorised as: Smart Contract Platform, Layer 1 (L1), FTX Holdings.
The official Bitcoin site is http://www.bitcoin.org.
Most recent Bitcoin coverage: "BitMEX delists 35 derivatives as September shutdown and lawsuit hit" — read at /en-US/a/bitmex-delists-35-derivatives-as-september-shutdown-and.