Another one bites the dust, closed for good. bitMEX and bitmart are both shutting down. This cycle feels a bit different. One was the OG contract exchange founded by an old-school black guy, The other, a lesser-known 'Chinese' third-tier exchange. Notice the word 'closed,' not bankrupt, insolvent, rug-pulled, or exploded... Quietly, without causing a market earthquake like FTX. This actually feels a bit like the end of the bull market in late '25. No grand waves, just a slow decline. Ever since Trump launched his coin, this industry has faced shrinking liquidity, a lack of new narratives and infrastructure, and no fresh retail investors entering the space. A perfect storm of negative factors. From VCs to retail traders, from tech innovation to mass adoption—everyone's moved on to U.S. stocks and AI. Will the crypto world ever see the glory of the last two cycles again?