Memories of a Long-Time BitMEX User: Did the March 12 Outage Save Crypto? Why Bybit Took Over

BitMEX helped establish perpetual contracts as core crypto market infrastructure through mechanisms such as funding rates, mark prices, insurance funds, liquidation engines, and ADL. The article examines how inverse contracts amplified the March 12, 2020 liquidation cascade and why BitMEX’s outage may have interrupted the cascade and prevented Bitcoin from falling further.

It also explains how regulatory pressure, slow product development, continued reliance on BTC-margined contracts, and a poor operational experience pushed users toward Bybit, which gained market share through USDT-margined products, faster iteration, and a broader “super-app” model. Despite its decline and closure, BitMEX remains one of the most important product innovators in crypto derivatives.

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AI 速读
吴说区块链回顾BitMEX历史,指出其通过资金费率、标记价格等机制确立了永续合约作为核心基础设施的地位。文章探讨3.12宕机是否拯救了加密市场,并分析Bybit如何接管市场。内容偏向行业历史与机制科普,无直接价格预测。
02立场与情绪分析
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立场分析
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吴说区块链回顾BitMEX历史,指出其通过资金费率、标记价格等机制确立了永续合约作为核心基础设施的地位。文章探讨3.12宕机是否拯救了加密市场,并分析Bybit如何接管市场。内容偏向行业历史与机制科普,无直接价格预测。

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03市场影响归因
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