BitMart to close — BMX crashes as Shiba, Hyperliquid and institutional ETPs grab attention
CoinDesk reports BitMart will shut down and BMX plunged; meanwhile a Hyperliquid flash crash, a Shiba spike and new institutional SOL/ETH ETPs dominated coverage.
A compact set of stories drove crypto markets today: BitMart’s surprise shutdown, a venue‑concentrated Shiba Inu impulse and a technical flash crash on Hyperliquid. Institutional moves — a Solana ETP and Circle’s patent deal — provided a counterpoint between platform risks and infrastructure bets.
CoinDesk reported that exchange BitMart will shut down after nine years, and BMX — the exchange’s native token — plunged, with one headline citing a roughly 58% crash. At the snapshot BMX traded at $0.057523 with a 24‑hour change of −64.4% and volume 4,025,886; users were given one month to close positions and six months to withdraw funds, and the exchange gave no specific reason for the closure.
Hyperliquid experienced a flash crash: perpetuals tied to SK Hynix ADRs plunged about 20% in one minute to $900 and then quickly rebounded above $1,000. CoinDesk noted the rapid move drew scrutiny of order execution and platform risk; the price snapshot showed $54.08 with a 24‑hour change of −9.3%.
Shiba Inu posted a sharp, partly unexplained impulse — CoinDesk reported an intraday rise of up to 36%, with much of the volume concentrated on South Korean venues. The snapshot price was $0.00000531 with a 24‑hour change of +6.4% and volume 546,845,545; the report noted other dog tokens did not match the move.
Tether’s gold token XAUt received Shariah certification, reported Cointelegraph; the certification formally opens potential access for Islamic financial institutions and faith‑compliant investors. The stablecoin’s price remains near $0.999143 with little 24‑hour volatility, though actual inflows will depend on demand, regulatory constraints and operational capacity.
Circle announced plans to acquire nearly 1,000 IBM blockchain patents, and separately Coinbase’s CEO highlighted Base and USDC in the context of rising AI‑related payments. USDC trades near $0.999633 with little 24‑hour movement; the patent acquisition strengthens Circle’s tech portfolio, but commercial impact is uncertain.
Morgan Stanley is launching a Solana ETP alongside an Ether ETP after its bitcoin fund’s success, a development that drew attention to SOL as an institutional access product. Solana traded near $73.79 with a 24‑hour pullback of about −2.09%; Morgan Stanley’s bitcoin fund had topped $381 million, though availability of an ETP does not guarantee significant inflows.
Bitcoin fell about 1.7% to $63,674 over 24 hours amid mixed signals: Morgan Stanley is expanding ETP offerings, the U.S. Senate shelved the Clarity Act, and a sharp drop in South Korean equities plus a lawsuit over a fake bitcoin wallet in the App Store contributed to near‑term volatility. Reports also noted Core Scientific is winding down parts of its mining operation and struck an AMD AI deal, underscoring a mix of institutional interest and market risks.
Ethereum trades around $1,910.36, down about 1.2% over 24 hours, while attention focuses on EthSystems — a spin‑out from the Ethereum Foundation building privacy infrastructure for banks. The initiative highlights interest in privacy layers for financial institutions, but adoption timing and regulatory response remain uncertain.
What to watch
What to watch next: the execution of BitMart’s shutdown timetable and users’ ability to withdraw funds; findings from the Hyperliquid flash‑crash review and implications for order execution; whether South Korean volume continues to drive Shiba’s moves; actual inflows into XAUt after Shariah certification; Circle’s commercial plans for the IBM patents and Base‑related USDC payment activity; the scale of flows into Morgan Stanley’s ETPs relative to today’s SOL/ETH pullbacks; and regulatory and security developments ranging from the Clarity Act to wallet‑related lawsuits.