"In the wake of FTX's fall, the crypto world demands more reliable indicators to assess exchange health. Glassnode introduces three interesting metrics to gauge risk, one of which reveals an intriguing trend. While Binance and Coinbase show minor fund movements, Huobi tells a different tale. Their data reveals a concerning increase in transfers to other exchanges. But why is this happening? Is this merely a passing anomaly, or is it a sign of a more significant shift? The answer may hold the key to the future of crypto exchanges and your investments..."
Huobi seeing increased outflows to competitors according to new reliance metrics Huobi seeing increased outflows to competitors according to new reliance metrics
New indicators from Glassnode show Huobi's reserves strain as negative reliance ratios point to escaping assets.
2 min read
Updated: Aug. 30, 2023 at 3:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.