- Token Analyst recently reported on BTC transactions between exchanges this year.
- The data revealed that more transactions exist from Binance to Huobi than vice versa.
One of the most popular and well-known cryptocurrency exchanges is Binance, and they’ve remained highly active this year with their volume and work on the expansion. The exchange, based in Malta, has been looking into potentially trading on other trading markets, coinciding with the efforts of the exchange to create a solid place in the industry.
China has seen a lot of activity in the cryptocurrency industry recently, and it seemingly has increased demand for cryptocurrency, based on reports from Token Analyst. In the report, the researchers found that a major portion of the cryptocurrency volumes had moved from Huobi wallets to Binance. Of those exchanges, 259,000 BTC was moved through 48,000 transactions. On average, a transaction was worth approximately 5.4 BTC.
We recently plotted the flow of Bitcoin *between* wallets in different exchanges.
Some interesting insights 👇🏽
1) Huobi wallets sent the most $BTC to Binance wallets in 2019
– Total of 259K BTC was sent
– Total # of txns: 48K
– Avg txn value: 5.4 BTC pic.twitter.com/VUj93ScisM
— TokenAnalyst (@thetokenanalyst) November 7, 2019
The Huobi exchange was founded in China, and it predominantly serves the Asian market. With the massive outflow to Binance, it is possible that the exchange is losing a lot of their outflow in the Chinese market, which is instead moving to Binance.
Despite this movement, the second-largest “interflow” involved transactions from Binance to Huobi. With over 44,000 transactions, 137,000 BTC was transferred. Since there is an apparent reverse movement of Bitcoin, the report implies that Huobi is still maintaining some kind of hold on the Asian market. Huobi has announced recently that their exchange has major expansion plans to involve smartphones, hoping to secure some of the OTC markets.
Binance has a clear advantage over the Singapore-based exchange, based on the data shown in the report. With more BTC leaving Binance and reaching OTC exchanges and institutional platforms, there could be more movement to come, and Binance’s stronghold in the global cryptocurrency market isn’t likely to loosen anytime soon. Still, domestic exchanges have been banned in China for quite some time, and investors have been limited in their global exchange options for trading.