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BitMart, BitMex Closures Blamed on Binance Alpha and Trading Influencers, Says Crypto KOL Phyrex

Market Analysis

2026-07-26 13:33:41

According to crypto KOL Phyrex, BitMart and BitMex did not collapse due to fraud but rather faced business challenges driven by two key factors. First, the rise of Binance Alpha disrupted smaller exchanges by providing better listing opportunities for altcoins that previously relied on smaller platforms, significantly reducing their listing fees and co-trading revenues. Second, trading influencers frequently migrate between exchanges to pursue higher profits, causing smaller exchanges to lose users and revenue when influential traders shift to competitors. Phyrex noted that smaller exchanges have historically served as platforms for altcoins, meme coins, and community tokens, but the emergence of alternatives has fundamentally altered their business model.

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