The volume of open positions on the BitMEX crypto derivatives exchange fell below an annual low amid problems with US regulators.

According to analysts at Arcane Research, in just a few hours, the OI on BitMEX dropped to 61,869 BTC. Approximately the same value was observed in April this year.

On October 1, the US Commodity Futures Trading Commission (CFTC) and the US Department of Justice fileв a lawsuit against  BitMEX and its owners, including co-founder and CEO Arthur Hayes. They are accused of running an unregistered trading platform and violating Commission rules, including anti-money laundering and customer identification (KYC) measures.

Shortly after this information, the OI for the XBTUSD perpetual swap fell 11%.

“Traders are definitely closing their positions on BitMEX,” said experts from Arcane Research.

Open interest on BitMEX continued to decline. To date, the depth of the fall of the indicator exceeds 16%.

The number of bitcoins stored on BitMEX addresses has been steadily declining since the market crash in March.

According to Philip Gradwell, chief economist at Chainalysis, two-thirds of this amount went to exchanges, the rest to unidentified wallets. He also notes that last week the total inflow to cryptocurrency platforms amounted to 65 thousand BTC.

Half an hour later, Gradwell announced the withdrawal of another 7,425 BTC from BitMEX, a third of which went to the Gemini bitcoin exchange.

Analyst Alex Kruger believes that in the long term, BitMEX’s troubles will have a positive effect on the US exchanges and OTC trading.

Krueger does not rule out that this will bring the SEC approval of exchange-traded funds (ETF) based on bitcoin closer.