Ondo (ondo) 
Crypto exchange BitMEX is currently investigating unusual Bitcoin trading patterns on its platform that may involve unfair practices. This comes after a recent sharp decline in Bitcoin’s value specifically on the BitMEX platform. On Monday, Bitcoin’s value dropped to $8,900 against the USDT stablecoin on BitMEX, while other platforms maintained a value above $66,000 for BTC. However, the price quickly returned to normal on BitMEX and aligned with the broader market trends.
Following an internal investigation, BitMEX identified abnormal “aggressive selling behavior from a few accounts” that did not align with typical market behavior. The exchange reassured users that their assets were safe and that operations were not disrupted.
BitMEX clarified that it does not use market makers and pointed out that the large and rapid sell orders were too overwhelming for both market makers and traders on the platform to handle effectively. The sudden drop in Bitcoin’s price did not impact BitMEX’s derivatives trading and did not result in any forced sell-offs. Deposits and withdrawals are being processed as usual, with transactions typically finalized within minutes.
One user, @syq, initially brought attention to the unexpected market movement, highlighting a 977 Bitcoin sale worth approximately $66 million. There were claims from some BitMEX users that withdrawals were suspended, but the exchange clarified that this was only for accounts under investigation.
Additionally, Bitcoin’s value decreased by up to 7.3% to $62,458 on Tuesday following a significant outflow from the Grayscale Bitcoin Trust (GBTC), marking its largest outflow since transitioning to an ETF on Jan. 11, totaling $643 million.
