Time and events will test any platform or website that offers cryptocurrency exchange services.

As the user resorts to a reliable and credible place and is exposed to a few technical and technical problems, and if one of these elements and foundations is damaged, the user is looking for an alternative place.

This is what happened with the “BitMEX” platform, where the balance of bitcoin held by “BitMEX” decreased significantly in the last month after the platform witnessed mass liquidations.

Exchange platforms are known to hold a large portion of crypto assets for trading.

For example, the most important trading platforms “Coinbase” and “Bitfinex” have billions of dollars, and the number is growing with time.

But it seems that the trend has changed for BitMEX, one of the largest trading platforms, as the supply of Bitcoin has decreased significantly.

Read:Binance acquires one of the most popular cryptocurrency exchanges in India

Bitcoin drops in BitMEX:

A few weeks ago, Bitcoin and the entire cryptocurrency market suffered a huge drop, the coin fell by about 50% of its value, and subsequent sell-offs led to massive liquidations across many different trading platforms.

BitMEX, in particular, was the hardest hit.

Since then, the amount of bitcoin held by BitMEX has decreased. On March 13, the platform reached its peak holding more than 315,000 bitcoins or so, dropping to 244,000 bitcoins as of March 29.

The data was recorded by CoinMetrics, as shown below:

The amount of Bitcoin held by BitMEX has been declining over the past two weeks after BitMEX was subjected to a mass liquidation on March 13.

As of March 29, BitMEX held 244 thousand bitcoins, down from a peak of 315 thousand on March 13.

Read more: pic.twitter.com/liB6GVkLwg

– CoinMetrics.io (coinmetrics) March 31, 2020

It is difficult to interpret what these numbers imply compared to the bigger picture of Bitcoin’s performance, when it can be explained that traders are losing faith in BitMEX and withdrawing en masse from the platform.

Read:Woman uses bitcoin to withdraw $300,000 in scams

The demand for stablecoins is growing:

Although the number of Bitcoin held by BitMEX appears to be declining, there is clearly a growing demand for stablecoins like USDT, which is a strange development, as exchanges continue to hoard USDT.

In fact, USDT balances in trading platforms recently crossed an all-time high.

Read:Ripple and MoneyGram partnership expands and enters the Indian market

With trading volume stagnating amid this downturn in the global market, many cryptocurrency traders are sitting on hold.

The increased demand for stablecoins may indicate that many are anticipating another drop in prices.

Currently there is a lot of uncertainty around the financial markets and it is difficult to predict where the cryptocurrency market will go in the short term as a result, as the short term perspective is still dominated by fear.

BitMEX with less bitcoin is not inherently bearish, but it does indicate that general attitudes toward trading platforms may change.

Read also:

BitMEX Accused of Contributing to Bitcoin’s Fall

User Demands BitMEX to Refund 30 Bitcoin… And The Platform Responds