Huobi Exchange Balances And Trading Dwindle
Will Woo, a notable crypto analyst, highlighted the status of affairs at the Huobi exchange on July 5, and they do not look good.
According to charting expert Woo, the 2013-registered Huobi is in a poor state, comparing the exchange to a “train wreck.”
“The Huobi exchange appears to be a slow-moving train wreck nearing its final throws.”
Woo stated that since 2020, collateral has been emptying off the troubled exchange.
He stated that Huobi’s Bitcoin balance had decreased from 410,000 BTC in 2022 to only 26,000 BTC this week. This indicates a 93.6% decrease in Bitcoin exchange reserves.
Huobi’s web traffic and engagement have decreased from 30 million visits in March to 7.2 million in May. Due to global regulatory pressure, the exchange has been forced out of several countries, with most visitors coming from just four. CoinGecko ranks Huobi 18th in daily volume with $368 million, with 608 tokens and 722 trading pairs, with BTC/USDT accounting for 27% of its total volume.
(With inputs from Shikha Singh)
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