Crypto's 2026 Shakeout. No One Was Too Big

Exchanges Gone

BitMEX

Closes Sep 23 (invented the perp swap).

BitMart

Winds down through Jan 2027.

AscendEX

Closed effectively on Jul 1 (lost MiCA).

Bankruptcies (Chapter 11)

Movement Labs

Jul 21 (market-maker scandal).

Storj Labs

Jul 26 (decentralized cloud).

BlockFills

Mar 15 (institutional trading desk).

Bitcoin Depot

Largest BTC ATM operator.

Treasuries (DAT) Capitulation

FG Nexus

Dumped all ETH, $45.2M loss.

ETHZilla

Sold ~$114M ETH for buybacks.

Satsuma

Liquidated all BTC, delisted (LSE).

Strategy

Sold BTC, first time since 2022.

Layoffs

Coinbase, Kraken, Crypto.com, Bitwise, Polygon Labs, Gemini, OKX, Dune, Messari, Algorand

Source: cryptodiffer