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BitMart, one of the longer-running centralized crypto exchanges, is processing roughly 300 ETH withdrawals per hour as users race to extract their assets following the platform’s announcement that it will permanently shut down operations. The withdrawal pace, while steady, has been punctuated by temporary freezes and processing delays that have left users frustrated and anxious about the fate of their funds.
The exchange dropped the news on July 26, revealing plans to wind down all operations in a staggered timeline. New registrations and deposits were frozen immediately, at 01:30 UTC that same day. All trading will cease on August 26 at 01:00 UTC. Full operational shutdown is slated for January 31, 2027.
A slow-motion exit, not a collapse
BitMart framed its decision as the result of a thorough review of its operations and market strategy, citing changing market dynamics. The exchange has been around for nine years, which in crypto terms makes it practically ancient, but longevity alone doesn’t guarantee viability.
ETH withdrawal activity surged to its highest level since July 2025 following the announcement, according to CryptoQuant data. In the first 24 hours after the news broke, 58 wallets pulled out approximately $805,000.
Users have reported temporary freezing of withdrawals during peak demand periods, leading to a wave of complaints across social media and support channels. BitMart has attributed the delays to enhanced compliance checks, which are being applied to all outgoing transactions as part of the wind-down process.
BMX token cratered almost immediately
The BMX token, BitMart’s native exchange token, took the kind of hit you’d expect when the platform backing it announces it’s closing shop. The token fell between 58% and 63% within hours of the wind-down announcement.
Exchange tokens derive their value from the utility and trading volume of their host platform. When the platform announces a death date, the utility evaporates. BMX holders who didn’t exit before the announcement absorbed the full force of that repricing. For BMX holders still looking to sell, liquidity will likely continue to thin as the August 26 trading deadline approaches.
What it means for the broader market
BitMart’s closure hasn’t meaningfully moved the needle on broader Ethereum prices or trading volumes. The exchange, while established, wasn’t large enough for its wind-down to create systemic ripple effects across the ETH market.
For users still on the platform, the calculus is simple: withdraw sooner rather than later. The 300-ETH-per-hour processing rate suggests the system is functional but under strain. Network congestion and compliance bottlenecks could worsen as more users pile into the withdrawal queue, particularly as the August 26 trading halt approaches.
Traders with positions or assets on BitMart should also watch for potential issues with smaller, less liquid tokens that may have limited withdrawal support as the platform scales down. ETH and major assets will likely remain processable through the January 2027 final closure, but niche tokens could see withdrawal windows narrow or close entirely as BitMart reduces its operational footprint.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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