Following the BitMEX Insurance Fund’s continued growth throughout the year, data provider, CryptoQuant, took a deeper look at the derivatives specialist’s on-chain data.
Insurance Fund Now Holds 0.18% Of All Bitcoin
Over the past 12 months the BitMEX Insurance Fund grew to almost 33.5k BTC, representing a 62% increase from the 20.77k BTC it held at the start of the year. This means that 0.18% of all bitcoin so far mined is now in the fund, up from 0.15% in August as Bitcoinist reported at the time.
Total BTC Held By BitMEX Goes up To 400k
CryptoQuant then looked at the total amount of bitcoin held by BitMEX. This is now over 400k BTC, or more than 2% of the current total supply.
CryptoQuant suggested that this represented growth of over 500% this year, although the chart presented along with this statistic would seem to disagree. It seems more like a rise from around 240k BTC to 440k BTC, or growth of around 83% during the year.
Fluctuating Proportion Of Total Reserves In Insurance Fund
Combining the charts gave a ratio of what proportion of BitMEX’s total BTC reserve was held as part of the insurance fund.
In August this rose to be as high as 14%, although in the latter part of the year, this proportion dropped back to around 7.5%.
A fluctuation in this ratio is to be expected, as the insurance fund covers unfilled liquidations before they are taken over by BitMEX’s auto-deleveraging system. As the funds held were used in this manner on several days, it would suggest that the system works well.
However the peak of 14% would seem to be more of an anomaly than an expected outcome, due to the timing. The month before the August peak saw a mass exodus of funds from BitMEX, following an alleged probe into the firm by the Commodity Futures Trading Commission (CFTC).
Supposedly the CFTC were to investigate whether US citizens were circumventing measures to stop them from using the service.
As Bitcoinist reported, back in January the BitMEX insurance fund held enough BTC to fund a 51% attack on Bitcoin Cash for an entire year. By now we are looking at 19 months and counting.
Do you think BitMEX’s insurance fund is sufficient? Add your thoughts below!
Images via Shutterstock, chart by CryptoQuant The post appeared first on Bitcoinist.com. origin »
The extreme volatility on March 12 and 13 left many traders reeling. And also with a lot of questions. Today, the leading crypto derivatives exchange BitMEX opened up about its insurance fund. BitMEX Insurance Fund ‘Last Line of Defence’ In its official blog post, BitMEX explains that the exchange received a lot of questions over the performance of its insurance fund on March 12 and 13.
BitMEX has expanded its ‘insurance fund’ substantially in 2019. Since the beginning of the year, its Bitcoin (BTC) holdings have grown by 63%. Every exchange has some funds in storage as ‘insurance.
Marking a massive increase since the beginning of 2019, BitMEX’s insurance fund now reportedly holds more than $312 million worth of bitcoin.
The post BitMEX Insurance Fund Now Holds More Than 0.15 Percent of All BTC appeared first on Bitcoin Magazine.
The industry news outlet, The Block Crypto has noticed that the BitMEX Insurance Fund has increased to holding over 31,300 bitcoins or approximately $314 million. Notably, the increase has been for about 50.
Cryptocurrency derivatives giant BitMEX now controls 0. 15% of all the bitcoins in circulation, new data from the company reveals. BitMEX Expands Fund By 50% Since January Compiled by industry media outlet The Block, a chart of BitMEX’s Insurance Fund shows its stock has reached 31,300 BTC as of August 25.
Bank of America Merrill Lynch recently surveyed fund managers and found that investors are the most bullish they’ve been on bonds since the end of 2008. But that popularity comes as long-term risks are developing for traditional asset classes.
Bitcoin exchange OKEx provides insurance boost to its perpetual swap market » CryptoNinjas
OKEx, the popular bitcoin and crypto exchange company, today announced it has donated $4. 5 million worth of bitcoin to its perpetual swap market insurance fund.
According to industry sources, Coinbase could be planning to open a captive insurance company with the help of AON. The alleged new insurance fund will benefit from a fully regulated framework that will allow the crypto exchange to capitalize on other investments products such as reinsurance.
BitMEX Insurance fund has reached over $237. 5 million (at the rate of $8,700 per BTC), holding 27,310 BTC, which is 0. 154 percent of all bitcoins in circulation. On May 19th, it surpassed $200 million marks for the first time.
Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, has completed the first “structured green bond using blockchain technology to negotiate the terms and conditions. ” The deal was conducted with Spanish insurance house MAPFRE.
Institutional capital is making its way to the crypto sector. Morgan Creek Digital Assets co-founder and partner announced that his firm had raised $40 million from several investors including two U.
Even in a bear market, Morgan Creek Digital has no problem swimming upstream. The crypto asset management firm just bagged a $40 million dollar investment and what appears to be the first blockchain/crypto investment by a major pension fund.
Two public pensions from Fairfax County, Virginia’s Police Officer’s Retirement System and Employees’ Retirement System, have invested in Morgan Creek’s new $40 million crypto fund. Anthony Pompliano, a Morgan Creek general partner, said that it is the first case in which public pensions have invested in the cryptocurrency market.
In a recent blog post released by BitMEX Research, they have decided to explain why the BitMEX insurance fund is needed and how it operates. According to the report, crypto platforms that offer leverage have some challenges that other firms do not have.
Hong Kong-based trading platform BitMEX owns so much Bitcoin that it could launch multiple 51 percent attacks against some altcoins for months. Bitcoin Insurance Fund Worth $76 Million Those were the results of calculations from social media commentators this week as it emerged BitMEX’s Insurance Fund now contains 21,350 BTC ($75.
A new report from Reuters published December 19, 2018, determined that the inability for Asian cryptocurrency exchanges and traders to insure themselves against cybercrimes like theft and hacking is also presenting fund managers with deep pockets to invest into the market.
German blockchain startup Bitwala has launched crypto banking in Germany. After securing €4 million (roughly $4. 5 million) from VC firms Earlybird and Coparion in September of 2018 to develop a crypto banking solution, the company has allegedly amassed a waiting list of 30,000 potential users.
At this year’s CryptoFrontiers Conference in New York City, digital currency exchange Huobi announced that it will begin offering derivatives contract trading. The service will be available via Huobi’s Derivative Market (Huobi DM) to customers of select countries and will allow them to open both short and long positions for a handful of coins.
In recent crypto exchange news, Coincheck has successfully reinstated deposits and trading services for all cryptocurrencies that were live on the exchange before it was hacked in January. Bhex, an exchange founded by Huobi’s former chief technology officer, has announced that it will start operations at the end of the month, while 1,452.
Gabor Gurbacs is confident that the approval of a bitcoin exchange traded fund (ETF) is inevitable. And he’s optimistic that the VanEck SolidX Bitcoin Strategy will be the first to deliver one to the world.
Blockchain technology company, Bitfury, has raised $80 million from a number of global institutional and corporate investors. Led by Korelya Capital, the private placement was joined by Macquarie Capital, Asian financial institution Dentsu Inc.
Bitcoin’s 10th anniversary was this year, and on that day, a Silicon Valley-based project called Omni Fund made available the world’s first blockchain platform for “decentralized peer to peer insurance funds,” as revealed via a press release.
An exchange-traded bitcoin fund (ETF) would signal greater acceptance of bitcoin as a mainstreet investment, while also making it much easier for both institutional and retail investors to get involved.
The CEO of Fidelity Investments has confirmed that the asset management behemoth will launch cryptocurrency products by the end of this year. The company, which currently manages over $2. 4 trillion in assets, provides fund distribution, wealth management, life insurance, and retirement services.
OKEx released a statement today detailing the forced liquidation of an “enormous long position” in futures on July 31st. They also informed users that their risk management system might be triggered.
Financial institutions are “looking on the dancefloor” with Bitcoin, “but nobody’s dancing” – that’s according to Susquehanna head of digital assets Bart Smith told mainstream media August 1.
There are over 600 million Africans living
without electricity despite an abundance of sunshine and hundreds of thousands
of solar projects on the drawing board.
The Securities and Exchange Commission (SEC) is seeking comments on another bitcoin-based exchange-traded fund (ETF). The proposal in question calls for the listing and trading of SolidX bitcoin shares, and stems from the VanEck SolidX Bitcoin Trust, which states it will invest in “bitcoin only.
In the past months, Bitcoin has been in a steady decline. This can be attributable to several factors including market correction, investors moving to different types of investments or just bad press on hacks on exchanges and threat of regulation.
Terawatt will create a Decentralized Autonomous Organization (DAO), and also create a highly deflationary Ethereum based currency for global payments. The DAO will act as a decentralized global mutual/insurance fund to ensure Utilities (and businesses) always have access to funding (which constantly runs out) for subsidizing L.
Exchanges South Korean exchange Bithumb has lowered its theft estimate from the original amount after undergoing some of the recovery process. The exchange promises to fully repay customers using its own fund even though its insurance is unlikely to cover the loss.
South Korean exchange Bithumb has lowered its theft estimate from the original amount after undergoing some of the recovery process. The exchange promises to fully repay customers using its own fund even though its insurance is unlikely to cover the loss.
The extreme volatility on March 12 and 13 left many traders reeling. And also with a lot of questions. Today, the leading crypto derivatives exchange BitMEX opened up about its insurance fund. BitMEX Insurance Fund ‘Last Line of Defence’ In its official blog post, BitMEX explains that the exchange received a lot of questions over the performance of its insurance fund on March 12 and 13.
