Magic Eden exits the Bitcoin market

The Bitcoin exit

Magic Eden handled $121,000 in Bitcoin-based asset volume last month. This figure sits against $576 million in digital collectible volume on Solana for the same period. The marketplace will discontinue support for Bitcoin-based assets within two weeks. This decision follows a March 2026 exit from Bitcoin and EVM markets. I see the decision to abandon Bitcoin assets while Runestone drives massive network activity as a total strategic misalignment. The move to narrow the product scope to Solana and the Dicey iGaming platform leaves the Bitcoin ecosystem behind. Magic Eden acquired Slingshot in April 2025 to expand into fungible token markets. The company intends to capture liquidity where price action feels immediate. Jack Lu stated that finance and entertainment are converging, and the company intends to lean into the massive opportunity in iGaming. The shutdown of the Magic Eden Wallet in May 2026 forced users to find new ways to manage assets. This retreat from multi-chain flexibility creates friction for collectors who rely on cross-chain aggregation. Magic Eden started in September 2021 and expanded into a marketplace for Bitcoin Ordinals in March 2023. The platform’s shift toward a Solana-only experience simplifies the product but removes the multi-chain convenience some collectors preferred.

ME price and volume trends

The ME token price is ARS 119.21. This price shows a 21.38% increase from the price one month ago. The token price was ARS 98.92 thirty days ago. This price is a 4% increase compared to the value of ARS 117.53 from 24 hours ago. Trading volume for the last 24 hours reached ARS 150.729B. Total supply for Magic Eden is 999,990,124 ME. The current circulating supply is 594,883,983 ME. This is 59% of the 1,000,000,000 ME max supply. The market cap is ARS 72.06B. The fully diluted valuation is ARS 121.14B. The market cap is a result of multiplying the current price of ARS 119.21 by the total supply of 999,990,124 ME. Trading volume in the last 7 days reached ARS 1.199T, which is an average of ARS 171.237B. This is a decrease of ARS 20.508B from the last 24-hour trading volume. The trading volume for the last 30 days is ARS 5.017T, which results in an average of ARS 167.224B per day and shows a massive, unexpected decrease of ARS 16.495B from the last 24-hour trading volume. In the last 24 hours, Magic Eden recorded 37 buyers and 29 sellers with 57 total trades. The current price is a 2% decrease from the ARS 123.22 recorded one week ago.

The Runestone disconnect

Runes transactions accounted for 57% of all transactions, totaling over 12,200 BTC post-halving. This activity follows the launch of the Runestone protocol. The protocol uses an Unspent Transaction Output model to facilitate altcoin creation through an etching process. I find the platform’s refusal to participate in this Bitcoin surge to be an obvious failure to capture volume. The marketplace is concentrating on the Solana rail to match iGaming demands for sub-second confirmation and predictable fees. You know the liquidity often follows the most active protocols. Magic Eden remains the #316 most popular crypto on Coinbase. The platform charges a 2% fee on completed Solana marketplace transactions. Magic Eden is the most popular NFT marketplace on Solana, accounting for almost 90% of NFT sales on the network. The company released the Packs feature in October 2025 which generated $15 million in its first week. The ME token price was as high as $30 during its initial launch. It is currently down 99% from its all-time high of ARS 8,403.32 reached in December 2024. The ME token was designed to facilitate rewards and governance on multiple chains. Will the focus on Dicey and Solana provide enough to replace the lost Bitcoin volume?