Data from Arcane Research reveals that open interest on Bitmex’s bitcoin derivatives market witnessed loss of 45,122 BTC on October 1. The figure showcases a 16% drop since the CFTC announced charges against Bitmex and its executives for allegedly operating an unregistered trading platform.
According to Arcane Research’s post on Twitter, “the former yearly low was painted on the 30th of April when the open interest bottomed at 61,975 BTC.” The post adds that in the wake of the act CFTC, traders are “definitely closing their positions on Bitmex.”
Open interest (OI) is based on total number of outstanding derivative contracts, including options or futures that are unsettled. Increasing open interest shows new or additional money coming into the market while decreasing open interest indicates money flowing out of the market.
Bitmex can see loss in future too.