News linked to both this project and an event.
According to Cointelegraph, ARK Invest researcher Lorenzo Valente noted in a post on July 30 that the cryptocurrency industry is entering the largest consolidation phase in history. As investors become increasingly strict in screening projects, revenue is accelerating towards concentration among a few top protocols—Hyperliquid and Pump.fun collectively account for approximately 67% of the industry's application revenue, and with Ethena included, the combined share of the top three approaches 80%. Valente expects this trend to accelerate in the coming months, triggering more M&A, bankruptcies, and project closures. Meanwhile, BitMEX and BitMart recently announced the shutdown of trading services in succession, further confirming the consolidation trend. Valente believes that this round of consolidation is "extremely beneficial" for the long-term development of the crypto industry.
crypto exchange BitMart announced it will gradually wind down its trading platform business after nine years of operation. The platform halted new user registrations, deposits, and order placements at 01:30 UTC on July 26. All spot and derivatives trading will cease on August 26, and the platform is scheduled to officially shut down on January 31, 2027. BitMart stated that withdrawals will remain open, but checks related to identity, devices, sanctions, and funding sources may slow processing speeds. The company attributed the closure to its operational status, market conditions, and future strategic direction. Its native token, BMX, has fallen 81% over the past week to $0.057, bringing its market cap down to $19.6 million. BitMart previously suffered a loss of $196 million in December 2021 due to a hot wallet vulnerability, and covered the customer losses. Perpetual contract platform BitMEX also recently announced it will shut down after 11 years of operation, making BitMart the second major crypto exchange to announce a closure within a week.
According to on-chain analysis platform Lookonchain (@lookonchain), BitMart (@BitMartExchange) has announced closure; withdrawal services remain nominally open, but only 58 wallets completed withdrawals in the past 24 hours, totaling approximately $805,000, and the platform has not processed any withdrawal requests in the past 8 hours.
BitMart 将于 2026 年 7 月 26 日 09:30（UTC+8）起停止新用户注册及数字资产、法币充值服务，同时关闭现货新订单，合约账户调整为只减仓模式，并逐步停止跟单、网格、API 等自动化交易功能。
according to official sources, BitMart has officially launched SKHYON spot trading and introduced a first-week trading campaign with a total reward value of up to $100,000. During the event, users who register and complete designated SKHYON spot trading volumes can participate in a stock gift lottery, with a chance to win up to 10 shares of SK Hynix stock tokens. Additionally, users can join a prediction competition for the price change on the first trading day's close; those who guess correctly have the opportunity to win SK Hynix stock token rewards.Furthermore, new users who complete their first deposit and trade can participate in the stock gift event. By completing specific spot trading tasks, they can also earn chances to open mystery boxes and win rewards such as SK Hynix stock tokens. The campaign also includes holding incentives, where users meeting various holding volume and duration requirements can receive benefits such as interest-boosting coupons and VIP experience cards. VIP users who contact their account manager for the first time can also receive exclusive interest-boosting coupon rewards.