Binance CEO, Changpeng Zhao, gets excited on twitter as he shares competitive winning statistics for his firm.
‘Come to Papa,’ says Zhao as the statistic from TokenAnalyst depicts that a large amount of crypto volume has shifted from Huobi to Binance. The platform analyses the flow of Bitcoin among exchanges. The analytics still looks in the building phases and hasn’t included other important exchanges like Coinbase and Okex.
Moreover, the flow of high-volume BTC transfers via OTC exchanges and other institutional platforms are beyond scope at the moment.
Graphic Visualization of BTC transfers across Crypto Exchanges (Source)
Competition between Huobi and Binance
According to the Bitcoin Flow Chart between exchanges, Huobi seems to have lost considerable share. It tweeted,
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
Nevertheless, some of the Binance users have moved their assets to Huobi as well. It looks like these many of these people might be operating accounts on both exchanges.
Binance made immense growth this year. The IEO wing of Binance, the Launchpad, issued ten cryptocurrencies on the exchange this year. Binance [BNB] Coin also grew exponentially as it attains the top ten positions according to market capitalization.
Huobi also made significant announcements in the OTC markets, IEO space and even large scale adoption with smartphones.
Moreover, in the derivatives space as well, Huobi’s Derivative Market (Huobi DM) has made significant progress since launch.