💸 The exchange that invented the perpetual swap is shutting down

BitMEX — the platform that created perpetual futures in 2016, now a fixture on every major exchange — is closing after nearly 12 years. Its token marked the occasion with a 90% crash, from $0.06 to $0.002, per CoinGecko. It started dropping an hour before the announcement. The market always knows.

By shutdown, BitMEX held just 0.08% of Bitcoin futures volume — $84M a day. Owners had explored a $1B sale before choosing an orderly wind-down, per Cointelegraph.

The instrument BitMEX invented now drives billions across its competitors. The inventor closed with 0.08%. Crypto has a way of eating its own parents.