Over the past year, Huobi has significantly expanded its cold wallets. In particular, the number of BTC holding held by Chinese exchanges has increased significantly.
Games sheThe effect of Huobi increases with more Bitcoin more, USDT massively transferred into the trading floor
Huobi's influence has never been underestimated, but the fact is that the exchange has become the largest Bitcoin whale, surpassing the Bitfinex cold wallet. The growth of Bitcoin deposits at Huobi has caught the attention of analysts.
Markets go up, markets go down, @HuobiGlobal keeps gobbling up $ BTC.
BTC in Huobi's wallets is 150% up since Jan 2019 – only surpassed by @DeribitExchange (250% up), which has benefitted from a low base.
Binance may be “blitzscaling”, but the money seems to stick elsewhere. pic.twitter.com/0jAKzShpjK
– Elias Simos (@eliasimos) February 28, 2020
“The market goes up or down, the quantity BTC on Huobi is still rising ".
BTC in Huobi's wallet has increased by 150% since January /2019, just lost to the exchange Deribit (up 250%), benefiting from the low level ".
Binance may be “blitzscaling”, but money seems to be stuck elsewhere. “.
The process of increasing thought is equally curious. At the end of 2019, Huobi suddenly received cash flow into over 100,000 BTC, within a few weeks. This brought the total number of Bitcoin in the wallet to 255,502.15 BTC, surpassing the second largest wallet by nearly 80,000 BTC. Huobi now owns 1.4% of the total amount of Bitcoin created, about a quarter of Satoshi Nakamoto's legendary number.
Huobi is also one of those holder USDT The largest, with about 206 million coins in the known wallet.
It's still unclear exactly why Huobi is so dominant, and why the exchange chose to create a giant cold wallet, instead of a few smaller ones. Market operators are also attracting Chinese and international traders to Huobi Global.
Huobi Token Reinforced by the acquisition program, expected launch chain Huobi
Just as Huobi's Bitcoin wallet has grown by leaps and bounds, so has Huobi Token (HT) operations. This property was inactive almost a year ago and is trading around $ 1. Now, HT trades near record volume and rises to $ 5.14, close to ATH. Assets reflect the growing importance of Huobi. The exchange currently has more than $ 1.4 billion in volume, although still lagging behind Binance's operations, has jumped to $ 4.6 billion.
Current HT price | Source: Coinmarketcap
One of the reasons why Huobi stands out is that the new BTC futures market is booming. Huobi has reported that the volume now surpasses even BitMEX.
– Huobi DM (Huobi Futures) (@HuobiDM_Futures) February 21, 2020
Huobi also strongly promotes the importance of HT, while exploring the possibilities of the futures market. The exchange aims to provide a permanent swap contract to rival BitMEX.
What's to come:
1. Test chain of Huobi Chain;
2. Perpectual contract under testing！
3. $ HT margin trading;
4. More use cases for $ HT;
5. C2C lending;
6. @HuobiDM_Futures will accept HT as a contract guarantee asset.#BUIDL #HuobiSeason 🚀🚀🚀 https://t.co/nWKmH8hFuN– Ciara Sun (@CiaraHuobi) February 15, 2020
“What is coming:
- Test string Huobi Chain;
- Contract permanent being experiment;
- Deal margin HT;
- Many use cases for HT;
- Lending to C2C;
- Huobi DM (Huobi Futures) will accept HT as a contract security property"
Huobi will also start burning a series of native tokens, increasing the potential to drive prices. In a way, HT can follow the BNB's path, promoting both direct speculation and the possibility of price increases in other trading pairs. Overall, some of the Huobi growth indicators seem to indicate stronger expansion. Another upside boosting indicator for Huobi is the upcoming launch of Huobi Chain, a new blockchain for storing native tokens and possibly new projects.
Thuy Trang
Bitcoin Magazine | Bitcoinist
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