A Slew of Bitcoins Flee Huobi to Binance
Data from CyptoQFuant and Glassnode shows great quantities of Bitcoin from Huobi is flowing into the Binance. The bitcoin outflow of Huobi and the inflow of Binance have both hit records since this year. Bitcoin also showed the same trend of fleeing from Binance to Huobi when Binance was attacked by hackers in May 2019.
Panic is the main factor. On November 2, COO of Huobi, was under investigation by the Chinese police, but the Huobi did not restrict the withdrawal of coins, and its operation was normal for the time being.
From November 2 to November 11, a total of 18652 bitcoin flows from Huobi to Binance. However, from August to early November, the flow of bitcoin was in the opposite direction, as it has always been from Binance to Huobi, because more users buy bitcoin in Huobi by OTC trading.
Bitcoin flows to medium-sized exchanges with Chinese users, such as Kucoin and Gate, also peaked on November 2, but the total amount was relatively small; there was no significant change in bitcoin flow to overseas mainstream exchanges such as Coinbase and Bitfinex, as well as contract exchanges such as Bybit and BitMEX. The reason is that the users of Huobi are mainly Chinese users.
According to Chain.info, there are still 141451 bitcoin reserves in Huobi, and there are several cold wallets in the Binance, which are 74618, 65236 and 7794 respectively.
It is normal for panic to cause large number of investors to flee to another head exchange. In 2019, Binance was attacked by hackers, and bitcoin flowed from Binance to Huobi in a panic on May 7. However, due to the small damage and the promise of full compensation, the follow-up quickly returned to normal.
h as Coinbase and Bitfinex, as well as contract exchanges such as Bybit and BitMEX. The reason is that the users of Huobi are mainly Chinese users.