BitMEX’s planned shutdown on Sept. 23 emerged as the most prominent crypto-native development of the week, drawing both nostalgia and criticism. The venue, described in the source as the world’s first perpetuals DEX, was remembered by many traders as a defining part of crypto’s early derivatives era, while others noted the losses it inflicted on users.
Macro backdrop stays difficult
The closure landed during a week in which bitcoin held relatively firm despite pressure in traditional markets. According to the source, bitcoin rose from roughly $64,000 to above $66,500 before slipping back to about $65,000 early Friday. U.S. equities were choppy and generally weaker, with mega-cap technology shares weighing on sentiment.
AI-related concerns shifted from model competition to spending pressure after quarterly earnings disclosures. Alphabet posted its first quarter of negative free cash flow in at least a decade, and Google shares closed below their 100-day moving average for only the second time since April, the report said. Tesla fell 14% on AI capital expenditure concerns and a profit miss. At the same time, oil moved above $100 per barrel, adding to inflation worries, while U.S. bond yields remained elevated, making near-term Federal Reserve rate cuts appear less likely.
Bottom signals gain attention
Against that backdrop, more market participants were making the case that crypto may be nearing a bottom. The source described a mix of sentiment-based calls and more data-driven signals, while also emphasizing caution that another sharp drop could still arrive before year-end.
One widely discussed sign came from the troubles of digital asset treasury companies. Mark Moss-backed Satsuma Technology voted to sell its remaining 668 BTC, return capital, and shut down. The source also said Jack Mallers announced he was stepping down as CEO of Twenty One, a digital asset treasury that had raised billions and lost 92% of shareholder value in one year. Some observers took the retreat of such strategies as a contrarian positive for the broader market.
Regulation and BitMEX dominate crypto discussion
Another catalyst under close watch was CLARITY, which the source said helped lift bitcoin after Treasury Secretary Bessent stated the bill was at the “one-yard line.” The picture became more complicated after the White House backed ethics requirements. Senator Cynthia Lummis welcomed that move as a president opting for a higher standard than the law required, but reaction elsewhere was muted or negative. Some argued the change could reduce the bill’s chances of passing, while others said either outcome could become a market catalyst.
Even so, BitMEX drew the strongest crypto-native response. Social media filled with recollections of first liquidations, margin calls, and stories from an earlier trading era associated with Arthur Hayes and the platform’s outsized influence. The source said some users credited BitMEX with changing their lives, while critics stressed that the platform also “impoverished many.”
DeFi activity shifts toward tokenized assets
Elsewhere, the source portrayed decentralized finance as active, but increasingly driven by tokenized real-world assets rather than major crypto-native tokens. Hyperliquid reportedly generated more volume from RWAs than from crypto for the first time in a single week, while Robinhood Chain’s RWA activity was said to be accelerating quickly.
Frank Chaparro, cited in the report, said adoption of tokenized stocks had decoupled from bitcoin’s price action. While BTC fell from $120,000 to $64,000, tokenized stocks reached a record $2.26 billion in on-chain market capitalization, according to the source. The article also argued that a newer generation of DeFi founders is building with traditional financial institutions in mind, rather than serving only crypto-native users.
The week also included a string of security and market-integrity concerns, from crypto’s reported use in the gray-market peptide trade to tighter insider-trading surveillance at Polymarket. The source further highlighted a theft in Bali in which a traveler reportedly lost 189 SOL, about $14,000, after handing over an unlocked phone, and noted that Robinhood CEO Vlad Tenev’s X account was hacked, with insider wallets reportedly extracting seven figures from memecoin speculators within fifteen minutes.
Taken together, the week’s developments suggested a market balancing optimism about a possible bottom against persistent macro headwinds, regulatory uncertainty, and familiar operational risks. BitMEX’s coming exit gave that tension a symbolic focal point: a reminder of how much crypto has changed, and how much of its old volatility still remains.
Source: news.bitcoin.com