Crypto industry consolidation: BitMEX shutdown, Storj bankruptcy, exchange volume decline

BitMEX, the exchange that pioneered 100x perpetuals, announced it will shut down by September 2026 after 11+ years with no hacks. This is a major consolidation signal, adding to the bearish narrative of exchange shutdowns, ETF outflows, and token launches underwater. Tom Lee called exchange shutdowns a bottom signal, but this is a full closure. Storj files Chapter 11, floats equity path for token holders — STORJ down 18%, another blow to crypto infrastructure. CEX spot volume down 60% from Aug 2025 peak. These events signal market consolidation and risk.