{"id":387121,"date":"2021-12-29T12:01:40","date_gmt":"2021-12-29T09:01:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/net-neutral-rising-bitcoin-exchange-balances-could-be-due-to-huobi-chinese-user-block\/"},"modified":"2021-12-29T12:01:40","modified_gmt":"2021-12-29T09:01:40","slug":"net-neutral-rising-bitcoin-exchange-balances-could-be-due-to-huobi-chinese-user-block","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/net-neutral-rising-bitcoin-exchange-balances-could-be-due-to-huobi-chinese-user-block\/","title":{"rendered":"# &#8216;Net neutral&#8217; \u2014 Rising Bitcoin exchange balances could be due to Huobi Chinese user block"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4122d9e36c5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4122d9e36c5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/net-neutral-rising-bitcoin-exchange-balances-could-be-due-to-huobi-chinese-user-block\/#Binance_%E2%80%9Cabsorbing%E2%80%9D_orphaned_Huobi_users\" >Binance &#8220;absorbing&#8221; orphaned Huobi users<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/net-neutral-rising-bitcoin-exchange-balances-could-be-due-to-huobi-chinese-user-block\/#Liquidity_challenges\" >Liquidity challenges<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># &#8216;Net neutral&#8217; \u2014 Rising Bitcoin exchange balances could be due to Huobi Chinese user block <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) balances rising on exchanges may not be a sign of investors preparing to sell, new research argues.\u00a0<\/p>\n<p>Unveiling the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TXMCtrades\/status\/1475886482749546496\">latest data<\/a> from across exchanges on Dec. 28, Glassnode on-chain analyst TXMC pointed the finger at fresh changes in China for rising balances elsewhere.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Binance_%E2%80%9Cabsorbing%E2%80%9D_orphaned_Huobi_users\"><\/span>Binance &#8220;absorbing&#8221; orphaned Huobi users<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The end of December is seeing nerves fray as a rangebound BTC price combines with increased inflows to exchanges.<\/p>\n<p>A classic indicator that traders are at least arming themselves to de-risk in the event of further price weakness, Binance has been particularly closely eyed as its BTC stocks rise.<\/p>\n<p>At the same time, however, Chinese investors are being frozen out of international spot trading venues in the aftermath of China\u2019s ongoing crackdown on cryptocurrency trading.<\/p>\n<p>Huobi Global, the international off-shoot of Chinese exchange Huobi, stopped mainland Chinese citizens from accessing its trading service on Dec. 15. They now have until the end of the month to sell funds, after which a one to two-year withdrawal window will be available for them to remove them from their accounts.<\/p>\n<p>\u201cFrom 16:00 (UTC) on Dec 31, 2021, Mainland China users can no longer sell their holdings or conduct any transactions involving CNY,\u201d a blog post issued on closure day reads. <\/p>\n<blockquote><p>\u201cIf users have yet to withdraw sell orders before the cessation, the system will automatically cancel all pending sell orders. The withdrawal function will remain available for 1 to 2 years, and notice will be given ahead of its closure. Mainland China users are advised to handle their digital assets as soon as possible.\u201d<\/p><\/blockquote>\n<p>As a result, those users could simply be moving tokens to other platforms, explaining the increase in Binance\u2019s balance. <\/p>\n<p>\u201cBinance has made noise lately as their exchange balance has risen. My theory is they&#8217;re absorbing users from Huobi and elsewhere as China shuts down some exchanges at EOY,\u201d TXMC commented on a chart supporting the idea.<\/p>\n<blockquote><p>\u201cCuriously, if you combine Binance + Huobi exchange balances, they&#8217;re sideways. Net neutral.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/22e7d340-c9fb-462e-8a03-f8764438aefb.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange balance vs. BTC\/USD chart. Huobi (blue), Binance (green), combined (red). Source: TXMC\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Liquidity_challenges\"><\/span>Liquidity challenges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, concerns over a sell-off are being heightened due to the holiday period having lower volumes and shallower markets overall.<\/p>\n<p><strong><em>Related:\u00a0Veteran Bitcoin hodlers are still selling record low amounts of BTC despite 70% gains in 2021<\/em><\/strong><\/p>\n<p>This lack of liquidity could exacerbate any sudden moves, with major institutional players only returning next week.<\/p>\n<p>Nuances remain, however, as retail investors continue building BTC portfolios while larger investors <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear less certain.<\/p>\n<p>A retail-fuelled mass sell-off event is likewise thought to be an unlikely occurrence going forward, analysis says.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/net-neutral-rising-bitcoin-exchange-balances-could-be-due-to-huobi-chinese-user-block\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# &#8216;Net neutral&#8217; \u2014 Rising Bitcoin exchange balances could be due to Huobi Chinese user block &#8221; Bitcoin (BTC) balances rising on exchanges may not be a sign of investors preparing to sell, new research argues.\u00a0 Unveiling the latest data from across exchanges on Dec. 28, Glassnode on-chain analyst TXMC pointed the finger at fresh&#8230;<\/p>\n","protected":false},"author":1,"featured_media":387122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvZGUwMzM4MTEtNTQ4YS00M2EyLWIzMmUtMThkNTJmM2ExNjA4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,75917,75591,73785],"class_list":["post-387121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-exchanges","tag-huobi","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/387121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=387121"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/387121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/387122"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=387121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=387121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=387121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}