Analyst: Crypto-derivatives giant BitMEX's competitiveness is waning and market share is declining

Cryptocurrency analyst Charles Edwards said on Twitter that the strength of BitMEX, a derivatives exchange, is slowly waning. "2018 and 2019 are the era of BitMEX. But is the era of BitMEX over? In the past two years, BitMEX has reliable data of more than 50% of spot + derivatives trading volume. But its share in the total is declining." Edwards defines the last two years as the "BitMEX era" because the exchange occupies the largest share of all cryptocurrency trading volume. Although BitMEX still accounts for 56% of the total, it is far less than the glorious days when September 2018 accounted for 80%. BitMEX entered the nascent crypto field as early as 2014 and quickly achieved great success. Although interest in trading cryptocurrency derivatives is stronger than ever, BitMEX is gradually becoming less important in the industry due to some fierce competition. In addition, BitMEX made headlines after facing a CFTC investigation. US citizens are banned from using the exchange.