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In the past month, more than 55,000 BTC flowed into Binance from Huobi

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Investors have also shown a change in confidence in the market in the choice of platforms.

Original source: Beijing Lianan

In October of 2020, an extraordinary year, for the digital currency industry It can be said to be a day with diverse feelings and self-awareness. The ever-popular Defi ebbed, and a large number of projects plummeted; the mainstream currencies represented by Bitcoin and Ethereum set off a new wave of market in mid-to-late October. Judging from the trend in November, this wave of market has even evolved into The new bull market is not far from the previous high of $20,000 by mid-November.

However, for centralized exchanges, October can be described as a constant story.

It has been more than a month since OKEx suspended withdrawals on October 16, and finally With yesterday's announcement that withdrawals will resume within the month, it looks like the end of the trading platform and its users is coming to an end. So, what have other exchanges experienced this month? Previously, we introduced the impact of the Bitcoin traffic on the Huobi trading platform reflected in the data on the chain one week after the incident. Today, let us focus on whether the Binance trading platform, which is considered to be more international, can better immunize against recent market risks. What about the impact?

< p>Let’s pay attention to the bitcoin inflow to Binance three weeks after OKEx suspended the withdrawal incident, and compare it with the bitcoin price in the same period. We can see that the overall Bitcoin inflow is arranged in a "triangular" cycle. Please note that this is a normal situation in itself. From the daily data, Saturday and Sunday are the data lows of the week. Although digital currencies It is a 7*24 hour transaction, but obviously on the rest day, everyone's transaction activity will drop sharply. However, October 17th and October 18th were two days of the weekend. After that, the data basically showed a normal trend without any major changes. Of course, it may be because OKEx suspended the withdrawal of coins, so the funds could not escape for the time being.

After November 2, with rumors related to Huobi executives, the number of bitcoins flowing into Binance began to increase significantly. This shows that for trading platforms, users will always "vote with their feet", and the impact of the black swan event in the industry will have a very large impact on its operating data, at least in the short term. Bitcoin prices soared in mid-to-early November, triggering more bitcoins to flow back to Binance.

In fact, this trend has been reflected between the end of October and the beginning of November. Within two weeks, Binance’s BTC Net inflows increased by 350%. In the last week at the end of October, from October 24 to October 30, Binance’s bitcoin inflow was 78,470.5 BTC, and in the following week, from October 31 to November 6, Binance’s Bitcoin inflow was 78,470.5 BTC. Bitcoin inflow reached 133020.48BTC, a weekly increase of 69.52%. During the same period, Binance’s Bitcoin outflow increased by 20.82%. As a result, Binance reversed from a net outflow of 14,000 BTC in the last week of October to a net inflow of 35,000 BTC in the first week of November. Under the influence of the dual factors of the big currency market, Binance, as a centralized top trading platform, has obvious advantages.

Look at the source of Bitcoin inflow to Binance again, on October 15 Looking at the data for the month from November 15th to November 15th, it is obvious that the proportion of Bitcoin inflows from Huobi has reached 47.75%, and a total of 55819.9 BTC has flowed into Binance. What is the concept? Let's compare the data for September.

September 2020 data, Huobi’s Bitcoin flow into Binance was 19074.39 BTC, accounting for 18.13% , is the largest inflow among the top trading platforms. During the same period, OKEx inflows accounted for 13.46%, and Bitmex inflows accounted for 14.52%. Compared with September, the number and proportion of bitcoins from Huobi were significantly enlarged, reflecting that users seem to be taking action. At the same time, we found that from the perspective of the number of overseas trading platforms, the number of Bitcoins from Binance from Coinbase in September was 5071.46BTC, and it was 5154.25BTC in the past month. In terms of quantity, it has not been affected by recent events Impact.

Positive, of course, for OKEx and Huobi, which are directly in the center of the storm, whether they can rebuild user confidence is still a challenge. Whether their data can recover and grow in the future, we still need to observe further. As for Binance Watch, which has stronger international characteristics, judging from its data, Binance has clearly demonstrated stronger adaptability in this crisis, whether it is from the source of net asset inflow data or during this period. With various “rewarding users” activities and services launched, more assets choose to stay in Binance. From the perspective of domestic users, Binance is the biggest beneficiary, and its overseas capital flow has not been affected.

Next, if the price of Bitcoin continues to rise, the data of the centralized trading platform is expected to further Most of the relevant leading trading platforms will benefit from it. The next big focus is, after the OKEx trading platform resumes withdrawing coins, will its users enter the market calmly, or will they withdraw large amounts of coins with lingering fears, and where will these assets flow to? We will pay more attention to the new moves of HBO in the aftermath of this incident.