“Internet Impartial” – Rising Bitcoin Trade Balances May Be Due To Huobi’s Chinese language Person Blocking – Cointelegraph

Advertisements

Soaring Bitcoin (BTC) balances on the exchanges may not be a sign that investors are preparing to sell, argues new research.

In revealing the latest data from all exchanges on December 28, Glassnode on-chain analyst TXMC pointed a finger at new changes in China for rising balances elsewhere.

Binance “absorbing” orphaned Huobi users

The end of December irritates the nerves, as a range-bound BTC price is combined with increased inflows on the stock exchanges.

As a classic indicator that traders should at least prepare to reduce the risk in the event of a further price weakness, Binance was observed particularly closely when BTC shares rose.

At the same time, however, following China’s ongoing crackdown on trading in cryptocurrencies, Chinese investors are being excluded from international spot trading venues.

Huobi Global, the international subsidiary of China’s Huobi Stock Exchange, banned mainland Chinese citizens from accessing its trading services on December 15. They now have until the end of the month to sell funds, after which a one to two year withdrawal will give you a window to remove them from your accounts.

“As of 4:00 p.m. (UTC) on December 31, 2021, users in mainland China will no longer be able to sell their inventory or conduct transactions with CNY,” said a blog post published on the closing day.

“If users have to withdraw sales orders before they are posted, the system automatically cancels any outstanding sales orders. The Withdrawal feature will remain available for 1 to 2 years and will be announced before it closes. Users in mainland China are encouraged to manage their digital assets as soon as possible. “

As a result, these users could simply move tokens to other platforms, which explains the increase in Binance’s balance.

“Binance has been making noise lately as their foreign exchange balance has increased. My theory is that they are accepting users from Huobi and elsewhere as China is closing some exchanges at EOY, ”TXMC commented on a graphic that supports the idea.

“Strangely enough, Binance + Huobi’s balances are moving sideways. Net neutral. “Bitcoin Exchange Balance vs. BTC / USD Chart. Huobi (blue), Binance (green), combined (red). Source: TXMC / Twitter

Liquidity challenges

As Cointelegraph reported, sell-off concerns will increase due to the holiday season with lower volumes and overall flatter markets.

Related: Bitcoin veterans are still selling record-low amounts of BTC despite a 70% gain in 2021

This lack of liquidity could exacerbate sudden moves as key institutional players don’t return until next week.

Nuances remain, however, as retail investors continue to build BTC portfolios while larger investors appear less secure.

A retail-fueled mass sell-off event is also viewed as an unlikely event in the future, according to the analysis.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Crypto Flipsider Information – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Alternate, $792M in BNB Burned, EIP-1559 Dwell on Polygon, Spain and Singapore Crypto Advert Ban, Bulgaria and UK Prime Crypto Holding by DailyCoin – Investing.com Binance

Crypto Flipsider Information – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Alternate, $792M in BNB Burned, EIP-1559 Dwell on Polygon, Spain and Singapore Crypto Advert Ban, Bulgaria and UK Prime Crypto Holding by DailyCoin – Investing.com

Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15M, Binance's Thai Exchange, $792M in...

By wpadminsonic164
Larry Ellison, Binance and Sequoia back Elon Musk’s $44bn Twitter offered – Financial Times Binance

Larry Ellison, Binance and Sequoia back Elon Musk’s $44bn Twitter offered – Financial Times

Elon Musk has raised $7.14bn of funding for his $44bn buyout of Twitter from...

By wpadminsonic164
7 Rare Casino Games To Play With Binance Coin – Crypto Reporter Binance

7 Rare Casino Games To Play With Binance Coin – Crypto Reporter

New and innovative ways to pique customers' interests are always sought after by Binance...

By wpadminsonic164
Binance Coin Price Prediction: Alternative count proposes a retest of $250 – FXStreet Binance

Binance Coin Price Prediction: Alternative count proposes a retest of $250 – FXStreet

BNB price is losing bearish momentum. Binance coin price has extended impulse waves. Invalidation...

By wpadminsonic164
Binance Invests One other $5m in Metaverse Startup Final – Blockchain.Information Binance

Binance Invests One other $5m in Metaverse Startup Final – Blockchain.Information

Binance is putting in a fresh $5 million investment in metaverse gaming startup Ultiverse...

By wpadminsonic164
Binance USD (BUSD) Up 0.03% Tuesday: What’s Next? – Investors Observer Binance

Binance USD (BUSD) Up 0.03% Tuesday: What’s Next? – Investors Observer

Binance USD (BUSD) has been relatively less volatile than the crypto market according to...

By wpadminsonic164
Leverex gears up for Itemizing on top-20 exchanges together with Binance and Huobi – Crypto Reporter Binance

Leverex gears up for Itemizing on top-20 exchanges together with Binance and Huobi – Crypto Reporter

LEVEREX is a large exchange specializing in copy trading and system trading. There are...

By wpadminsonic164
Binance: Getting in on Elon Musk’s Twitter takeover was ‘too enormous to even consider missing’ – Yahoo Finance Binance

Binance: Getting in on Elon Musk’s Twitter takeover was ‘too enormous to even consider missing’ – Yahoo Finance

While Elon Musk's $44 billion acquisition of Twitter (TWTR) remains uncertain, cryptocurrency exchange Binance...

By wpadminsonic164

Latest Posts

Cardano Devs IOG Shared First Details of Third-Party Codebase Audit – U.Today Cardano

Cardano Devs IOG Shared First Details of Third-Party Codebase Audit – U.Today

Vladislav Sopov Input Output Global's peer-to-peer networking infrastructure underwent stress tests: engineers content Very...

By wpadminsonic164
5 Trillion Shiba Inu Selling | Luna Delisting | China & Bitcoin Videos

5 Trillion Shiba Inu Selling | Luna Delisting | China & Bitcoin

Hey Everyone Kaise hain aap Sab Telegram Channel - https://t.me/oyeeerahul1 Twitter - https://twitter.com/oyeee_rahul SIP...

By wpadminsonic164
Digital currency Prices Today May 19: Bitcoin drops, Ether stoops more than 4%; Polkadot greatest drag – Moneycontrol Polkadot

Digital currency Prices Today May 19: Bitcoin drops, Ether stoops more than 4%; Polkadot greatest drag – Moneycontrol

a,.special_wrapbx a{color:#333;font:400 11px Lato,sans-serif}.user_after_login a, .user_before_login a {color: #333333;font: 11px 'Lato',sans-serif;}.dropdown-menu{display:none;background-clip:border-box!important}.header_desktop .dropdown-menu>li{border-bottom:1px solid #e9e9e9}.header_desktop...

By wpadminsonic164
XLM Price Analysis: Bearish feeling yet to die down for Stellar – The Coin Republic Stellar

XLM Price Analysis: Bearish feeling yet to die down for Stellar – The Coin Republic

No result View All Result © Copyright 2022. The Coin Republic Are you sure...

By wpadminsonic164
Crypto Flipsider Information – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Alternate, $792M in BNB Burned, EIP-1559 Dwell on Polygon, Spain and Singapore Crypto Advert Ban, Bulgaria and UK Prime Crypto Holding by DailyCoin – Investing.com Binance

Crypto Flipsider Information – Crypto.com Suspends Withdrawals, Loses $15M, Binance’s Thai Alternate, $792M in BNB Burned, EIP-1559 Dwell on Polygon, Spain and Singapore Crypto Advert Ban, Bulgaria and UK Prime Crypto Holding by DailyCoin – Investing.com

Crypto Flipsider News – Crypto.com Suspends Withdrawals, Loses $15M, Binance's Thai Exchange, $792M in...

By wpadminsonic164
Larry Ellison, Binance and Sequoia back Elon Musk’s $44bn Twitter offered – Financial Times Binance

Larry Ellison, Binance and Sequoia back Elon Musk’s $44bn Twitter offered – Financial Times

Elon Musk has raised $7.14bn of funding for his $44bn buyout of Twitter from...

By wpadminsonic164
New cryptocurrency race for the place of the Dogecoins – The 1000% positioned HUH token, the thetan enviornment and the magic token |  BTCMANAGER – BTCMANAGER Dogecoin

New cryptocurrency race for the place of the Dogecoins – The 1000% positioned HUH token, the thetan enviornment and the magic token | BTCMANAGER – BTCMANAGER

HUH token, Thetan Arena and Spell Token have proven to be hugely popular, although...

By wpadminsonic164
Cardano Whale Transactions Hit 4-Month High – The Coin Republic Cardano

Cardano Whale Transactions Hit 4-Month High – The Coin Republic

ADA Price at the time of writing – $0.5604It's market cap is down by...

By wpadminsonic164