BitMEX Contains 0.18% of All Bitcoins in Circulation

News / 27.12.2019

BitMEX is among the leading crypto exchanges in daily trading volume. Nonetheless, the amount of Bitcoin on the exchange is 0.18% of the coins in circulation. On the 26th of December, James Lopp tweeted about the exchange’s dedicated insurance fund’s upsurge by 62% this year.

The exchange’s insurance fund’s historical records show that it was 20,776 Bitcoin on the 1st of January and 33 449 on the 26th of December. As of the time of writing, the value is close to 239 million USD.  Hence, the exchange possesses about 0.2 % of all 18.1 million Bitcoins mined till now.

The Intention of BitMEX Insurance Fund

The purpose of the exchange’s insurance fund is to prevent auto-deleveraging in traders’ positions and mitigate liquidation orders that don’t get filled before the auto-deleveraging system’s control.

The exchange maintained that the fund’s growth offers a remarkable guarantee level to winning traders. They can obtain the anticipated profits while reducing the drawbacks liability for losing traders.

Some Exchanges Experiencing Growth of the Bitcoins Number

BitMEX is the only exchange experiencing continuous growth of the number of Bitcoins. Additionally, Binance is experiencing the same trend. According to a recent report, a maximum of 7% of the total circulating supply of Bitcoins was within the wallets of eight crypto exchanges two months ago.

Token Analyst maintained that the top international cryptocurrency exchanges like Poloniex, Kraken, Bitstamp, Bittrex, Bitfinex, BitMEX, Binance, and Huobi. These crypto exchanges keep accumulating cryptocurrencies and were the largest HODlers of as two months ago.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.