BitMart Wind-Down Creates Chaos Amid ETH Withdrawal Surge
BitMart's decision to wind down operations has sent shockwaves through the cryptocurrency market. The exchange, which has been around for nine years, announced on July 26 that it will permanently shut down all operations in a staggered timeline.
New registrations and deposits were frozen immediately, while trading will cease on August 26 at 01:00 UTC. Full operational shutdown is slated for January 31, 2027.
Users have been racing to extract their assets from the platform, with ETH withdrawal activity surging to its highest level since July 2025 following the announcement. In the first 24 hours after the news broke, 58 wallets pulled out approximately $805,000.
The BMX token, BitMart's native exchange token, took a hit of between 58% and 63% within hours of the wind-down announcement. The token's value is derived from the utility and trading volume of its host platform, which will evaporate once the platform closes down.