Whether it's BitMEX or Bitmart, it's not a collapse. It's just that non-top-tier offshore exchanges can't make money + see no hope, so they voluntarily shut down. Looking at the big picture, no one's trading crypto, and the overall market is shrinking drastically. From a regional perspective: the US, South Korea, and Europe—the three major markets—are all compliant now, leaving less and less room offshore; Russia and Iran, continuing there is life-threatening; the Chinese-speaking market is extremely crowded, dominated by top-tier players; other small markets aren't profitable. It's expected that all non-top-tier exchanges will shut down.