Arkham Exchange May Shut Down: User Growth Stagnates, ARKM Token Outlook Under Pressure

February 11 News, according to informed sources, the cryptocurrency platform Arkham Exchange, operated by data analysis company Arkham Intelligence, is preparing to shut down its operations, primarily due to long-term underperformance in user activity and trading volume. This news has quickly spread within the industry, sparking a new round of discussions about the sustainability of data-driven crypto platform business models.

Founded in 2020, Arkham specializes in on-chain fund tracking and address analysis tools, and later attempted to extend its data services into trading scenarios. The company has disclosed over 3 million registered users and announced plans in October 2024 to expand into crypto derivatives, aiming to penetrate the higher-frequency retail market. By early 2025, Arkham Exchange had launched spot trading in several U.S. states and released a mobile app in December of the same year, hoping to enhance user engagement through its product ecosystem.

However, actual performance has been underwhelming. Industry insiders report that the platform’s trading depth and retention rates remain low, making it difficult to sustain operational costs. Public data shows that leading crypto trading platforms can achieve daily trading volumes of billions of dollars, whereas Arkham’s trading and financing volume over the past 24 hours has only been in the tens of thousands of dollars, highlighting a significant gap. Market analysts believe this structural disparity is a key factor behind Arkham Exchange’s planned exit.

On the investment side, Arkham’s backers have attracted considerable attention, including figures like Sam Altman, as well as institutions such as Draper Associates, Binance Labs, and Bedrock. However, Arkham has not yet responded to the rumors of shutdown.

Arkham also issued its native token ARKM, currently valued at approximately $0.12. With the platform’s future uncertain, the liquidity and application scenarios for ARKM face new uncertainties. (CoinDesk)