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Ethereum withdrawals hit a 2026 high as BitMart reopens withdrawals, prompting users to pull ETH before the exchange shuts trading on Aug 26 and fully closes
Ethereum withdrawals from BitMart jumped to their highest level in a year after the exchange reopened withdrawals, signaling a rush to move ETH before the platform ends trading on Aug 26 and fully shuts down in Jan 2027.
| At a glance | |
|---|---|
| ETH price | $1,881 |
| 24h ETH move | near flat |
| Withdrawal surge | > 2025 peak |
| Catalyst | BitMart wind‑down announcement & brief withdrawal freeze |
BitMart announced on July 26 that it will cease all spot and derivatives trading on Aug 26 and close completely by Jan 31, 2027, prompting a brief freeze on withdrawals that was lifted within a day. The reopening triggered an immediate surge in Ethereum withdrawals, with CryptoQuant data showing the volume surpassing every reading since July 2025 [1]. The exchange’s on‑chain wallets fell from about $102 million on July 6 to roughly $71 million on the latest snapshot, reflecting the outflow of assets, including ETH [2].
Despite the withdrawal rush, Ethereum’s price has held near $1,881, showing little stress from the BitMart episode [1]. Broader market volume has stayed largely unchanged, suggesting the activity is confined to BitMart’s user base rather than a systemic shift [1]. The exchange’s native BMX token fell nearly 70% after the shutdown announcement, underscoring the direct price impact on platform‑specific assets but not on ETH itself [2].
BitMart’s exit follows a wave of 2026 closures, including BitMEX’s derivatives platform and the Dango decentralized exchange, highlighting a consolidation trend among mid‑size venues [1][2]. Analysts view these exits as a “healthy reset,” clearing weaker platforms without triggering broader market panic [1]. However, the pattern raises questions about whether other exchanges with similar liquidity challenges may follow suit before year‑end [1].
The surge underscores how exchange wind‑downs can prompt rapid on‑chain movements without destabilizing the underlying asset, while the broader consolidation may reshape where liquidity concentrates in the crypto market.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jul 29, 2026 · How we report
It aims to track the performance of ether as measured by the CoinDesk Ether Benchmark 4PM NY Settlement Rate.
The trust stakes a portion of its ether holdings to earn network staking rewards, which are passed through to the fund.
The expense ratio is 0.14%.
They hold the underlying digital assets directly (spot) and return most staking rewards to investors, unlike futures‑based alternatives.
Analysts note a modest increase in confidence, reflected in slightly higher odds for Ethereum reaching $10,000 by 2026, though significant hurdles remain.