Summary:
A whale has made two large deposits into Huobi, increasing the exchange’s holdings of USDT and Ether. The first transfer was $200 million USDT, followed by 5,000 ETH worth $9.15 million. Huobi denied that the address belongs to Justin Sun but confirmed it as one of the top-10 holders of TRX token. These deposits bring Huobi’s USDT supply up to $273 million. Huobi also has a balance of $400 million stUSDT, a Sun-backed project on the Tron Network. However, outflows from Huobi continue, with $92.2 million in Ethereum-based tokens and $101 million across all blockchains leaving the exchange in the last week. The rumored detainment of Huobi executives in China has contributed to this ‘run’ on the exchange.
Key Points:
– A whale deposited $200 million USDT and 5,000 ETH into Huobi.
– Huobi denies the address belongs to Justin Sun but confirms it as a top-10 holder of TRX token.
– Huobi’s supply of USDT is now $273 million.
– Huobi also has $400 million stUSDT on the Tron Network.
– Outflows from Huobi continue, with $92.2 million in Ethereum-based tokens and $101 million across all blockchains leaving the exchange in the last week.
Hot Take:
The recent large deposits into Huobi suggest confidence in the exchange, despite ongoing outflows. However, the rumored detainment of Huobi executives raises concerns about the exchange’s stability and future prospects. It will be interesting to see how Huobi addresses these rumors and whether they can regain trust from investors in the crypto community.
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