Huobi Experiences Massive Outflow, As Bitcoin Deposits Heads to Other Exchanges
In the latest data released by the popular Chinese crypto journalist and blogger Colin Wu, Huobi and two other smaller crypto exchange platforms have outflows of about 14,000 Bitcoins.
Huobi, the largest trading platform in China, has discharged almost 14,000 Bitcoins. Binance, Coinbase, and Bitfinex are also making big moves as they witness massive inflows of Bitcoin. This was revealed by Colin Wu, an expert on blockchains and crypto in China.
China Ban Forces Users to Withdraw their BTC From Huobi
In his tweet, Colin Wu stated that users have started to withdraw their Bitcoins from Huobi due to the pressure of the previous ban on crypto by China. Huobi has also announced its decision to remove its customers in China.
Making reference to an analytics website, ViewBase, Colin Wu said in his tweet that the total withdrawals of Bitcoins from Huobi are 13,903 Bitcoins. Apart from Huobi, other crypto exchange platforms like Okex and Gate.io are experiencing Bitcoin outflows. The total estimate of withdrawal from Okex is 5,872 Bitcoins while that of Gate.io is 95 BTC in total.
In his tweet where he shared screenshots, Colin Wu identified major exchanges experiencing large inflows of Bitcoin. They include the largest U.S based crypto exchange, Coinbase, Binance, and Bitfinex. According to Wu, Binance has witnessed a deposit of over 7,000 BTC, Bitfinex has witnessed 5,000 BTC, while Coinbase has witnessed an inflow of 122 BTC.
As revealed in ViewBase, the total estimates of inflow and outflow of Bitcoin have changed tremendously due to Chinese regulation and strict supervision. Colin Wu in his tweet on the 4th of October, 2021 showed the estimate: Binance (+7,043 BTC), Bitfinex (+4,870 BTC), Coinbase (+122 BTC); Huobi (-13,903 BTC), Ou Yi (-5,872 BTC), Gateio (-95 BTC). Coinbase (+122 BTC); Huobi (-13,903 BTC), Ou Yi (-5,872 BTC), Gateio (-95 BTC).
While it has not been clarified yet, there is no doubt that the suggestion left by a Twitter user in the comment thread is true. According to the anonymous Twitter user, there are possibilities that Bitcoin withdrawn from Huobi, and the two smaller exchanges are transferred to Binance.
Huobi And Binance Are Quitting Mainland China Users
Huobi has suspended the creation of new accounts in mainland China. Previously, Huobi announced that crypto traders and investors from mainland China are now excluded from accessing its services. Binance is also not admitting new users from the region too.
Due to the ban on crypto by the Chinese government, local exchanges in the region have been forced to relocate to other regions. While the ban is on crypto trading, crypto mining has also been affected.
Apart from Huobi and Binance, CoinEx and Renrenbit- a trading platform that belongs to a Chinese Zhao Dong “OTC king” has also completely stopped their operations in the region. This was clearly stated in Colin Wu’s tweet.
According to Colin Wu, Huobi and two other smaller crypto exchanges are seeing large Bitcoin withdrawals, while other major platforms are getting massive BTC deposits.
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