During yesterday’s turbulent price movements, most cryptocurrency exchanges recorded notable 24-hour Bitcoin on-chain flows. The Chinese-based Huobi stands above all in terms of inflow with $157M and only $78M out.
Huobi’s Impressive 24H Inflows
The popular monitoring resource, TokenAnalyst, examined the 24-hour Bitcoin on-chain inflows and outflows of eight of the most popular cryptocurrency exchanges. According to the report, Huobi’s inflow outperforms dramatically every other exchange and is well in the green. The Chinese-based company records $157 million in and just $78 million out.
🚨: 24H BTC on-chain flows:#binance $90M in | $107M out#bitmex $33M in | $17M out#bitfinex $51M in | $50M out#bitstamp $28M in | $32M out#okex $95M in | $50M out#kraken $32M in | $44M out#huobi $157M in | $78M out#poloniex $6M in | $7M out
— TokenAnalyst (@thetokenanalyst) January 15, 2020
OKEx also shows a positive on-chain BTC transaction volume with $95 million going into the exchange and $50 million going out. The popular Bitcoin margin trading exchange, BitMEX, is also in the green with $33 million in and $17 million out. At the same time, Bitfinex is almost at break-even with $51M in and $50M out.
The rest of the monitored exchanges are in the negative. Binance’s ratio is $90M to $107M, Bitstamp – $28M in and $32M out, Poloniex – $6M/$7M, and Kraken – $32 M has landed in, while $44 M has been withdrawn.
Interestingly enough, Huobi’s positive ratio has continued over the last seven days, as well. TokenAnalyst’s website indicates that almost $500 M has gone in the exchange during this period, while $332 has been taken out.
Correlation With Bitcoin’s Price?
As the cryptocurrency community saw yesterday, Bitcoin and most of the market, went through a noteworthy price surge. In the past, some people have tried to establish a conclusive correlation between a severe price movement and the 24h Bitcoin flows.
BitMEX, in particular, has been brought up when it had huge inflows, and the price of Bitcoin consequently dropped.
However, the motion, in this case, it the exact opposite. Still, the community began speculating if this was a possible reason behind the unusually high volatility. It’s also worth showing another plausible argument in this manner. As Cryptopotato reported, 124946 BTC were transferred yesterday, which equals to 0.7% of all mined bitcoins. Such a transaction could also have an impact on the price, as its value in USD exceeds $1.08 billion.
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