BitMEX and BitMart Shutter as Crypto Bear Market Claims 30+ Projects

Bitcoin traded at $63,416 on July 28, down 49.7% from the Oct. 6, 2025 record of $126,198. That decline is shallower than the 2014-2015 drop of 87% and the 2017-18 drop of 84%, according to CryptoSlate data. The 2021-22 decline was near 77%. MarketVector's study of Bitcoin drawdowns from 2013 through 2023 found that the first breach of 50% historically offered an unreliable short-term bottom signal. The analysis relied on a small sample from a market whose structure changed substantially across the period.

The list's breadth shows the contraction has spread across almost every industry layer. Boards and founders make closure decisions after revenue, financing or legal pressure has persisted. The announcement records where a business's tolerance ended. Bitcoin trades continuously against new macroeconomic, liquidity and positioning information.

The contraction among crypto-native businesses is unfolding alongside growing institutional use of tokenization. The International Monetary Fund describes tokenized bank deposits as digital representations of existing commercial-bank liabilities that inherit their regulatory framework. The Bank for International Settlements centers tokenized central-bank reserves and government bonds on programmable infrastructure rooted in trusted balance sheets. J.P. Morgan has brought tokenized money-market funds onchain through Ethereum-based rails. The value chain remains selective: issuers, banks, fund managers and chosen infrastructure capture the activity.

Crypto is losing businesses and products. Blockchain is gaining institutional use on terms shaped by regulated finance. BitMEX and BitMart make the bear-market strain harder to dismiss. Bitcoin's next move will come from trading demand, liquidity and positioning, while closure notices record the damage already done.