In just the past 1 year, cryptocurrency exchange Huobi has expanded its central cold wallet. Notably, the number of Bitcoin (BTC) that the platform is holding has increased significantly.
The Huobi influence expanded as the money flow into the floor grew rapidly
The community cannot underestimate the influence of the exchange, but at the same time it is also becoming the largest Bitcoin whale on the market, surpassing even Bitfinex. The amount of money deposited in Huobi has attracted the attention of professional analysts.
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
At the end of 2019, the exchange witnessed a cash flow of more than 100,000 BTC pouring into the exchange over several weeks. This exchange currently owns 1.4% of the total amount of Bitcoin mined and put into circulation.
Huobi is also one of the most Tether holders (USDT), with around 206 million USDT in the exchange's wallets.
The sudden rise of Huobi remains a mystery. The exchange chose to create a large cold wallet, instead of many small wallets. The exchange is gradually consolidating Chinese customer files and is attracting many other international investors to the Global branch.
HT exciting with buyback program
– Huobi DM (Huobi Futures) (@HuobiDM_Futures) February 21, 2020
As Huobi's Bitcoin wallet grew strongly, trading activities of Token Exchange (HT) also became bustling. Just about 1 year ago, HT was only about 1 USD. And now, HT has a record volume, rising to $ 4.85, the new peak of this token.
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
One of the reasons for Huobi's rapid growth is the booming BTC futures market. Huobi has reported transaction volume surpassing BitMEX.
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According to Coin68 / Bitcoinist