Asia has always been at the forefront of the bitcoin and crypto trading. The US has been too busy tripping over its regulatory feet to keep up this year while the nations of the Far East forge ahead. Recent research has revealed that Asian exchanges are also dominating in terms of BTC flow.
Binance and Huobi Leading Bitcoin Flow
Research recently carried out by TokenAnalyst indicates that Binance and Huobi are clearly leading in terms of Bitcoin transactions and flows. Technically Binance is headquartered in Malta but the exchange was born in Asia and its CEO is Asian so for argument’s sake we’ll consider it an Asian exchange.
Likewise with Huobi which is a Singapore-based cryptocurrency exchange, founded in China. According to the research, Huobi wallets sent the most Bitcoin to Binance wallets in 2019. Interestingly the reverse was the second-largest flow.
“But also on the flip side, the second largest exchange ‘interflow’ in 2019 was the inverse, i.e Binance to Huobi,”
We recently plotted the flow of Bitcoin *between* wallets in different exchanges.
Some interesting insights 👇🏽
1) Huobi wallets sent the most $BTC to Binance wallets in 2019
– Total of 259K BTC was sent
– Total # of txns: 48K
– Avg txn value: 5.4 BTC pic.twitter.com/VUj93ScisM
— TokenAnalyst (@thetokenanalyst) November 7, 2019
These two exchanges have clearly dominated outflow and inflow so far this year handling over double the volume. Third place for outflow was US-based Bitfinex with over 210,000 BTC while Hong Kong-headquartered BitMEX was fourth with 165,000 BTC outflow.
For inflow Binance was again the clear leader with 544,000 BTC followed by Huobi with 247,000 BTC.