Is Huobi In Trouble? Whale Deposits Raise Questions About Exchange's Future
Portfolio Pulse from Murtuza Merchant
A 'whale' has made two significant deposits into the Huobi exchange, increasing its reserves of Tether (USDT) and Ether (ETH). The deposits total $200 million USDT and 5,000 Ether, worth $9.15 million. However, there has been a noticeable outflow from the Huobi platform, with Ethereum-based tokens worth $92.2 million being withdrawn. Huobi's token (HT) has experienced a slight dip of 2%, currently trading at $2.62.
August 08, 2023 | 4:29 pm
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NEUTRAL IMPACT
A significant deposit of 5,000 Ether has been made into the Huobi exchange. However, Ethereum-based tokens worth $92.2 million have been withdrawn from the platform.
The large deposit of Ether into Huobi could indicate increased trading activity, which may impact the price. However, the withdrawal of a significant amount of Ethereum-based tokens could counteract this effect.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The address making the large deposits into Huobi is recognized as one of the leading holders of the TRX token.
The news indirectly involves TRX as the address making the deposits is a leading holder of the token. However, there's no direct impact on the price of TRX mentioned in the news.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
A significant deposit of $200 million USDT has been made into the Huobi exchange, increasing its reserves.
The large deposit of USDT into Huobi could indicate increased trading activity, which may impact the price. However, USDT is a stablecoin, so its price is unlikely to be significantly affected.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70