Asian Bitcoin exchanges continue to dominate Bitcoin fund flows.

A recent study shows that Asian cryptocurrency exchanges dominate in terms of Bitcoin fund flow.

Binance and Huobi Lead Bitcoin Liquidity

According to the latest research from TokenAnalyst, a crypto analytics firm, Binance and Huobi are significantly ahead in terms of Bitcoin trading and fund flow.

Although headquartered in Malta, Binance, with its CEO Changpeng Zhao hailing from Asia, is classified as an Asian exchange by TokenAnalyst.

Similarly, Huobi, founded in China and based in Singapore, falls under this category. Reports indicate that Huobi had the largest Bitcoin flow into Binance in 2019, with Binance being the second largest flow into Huobi.

Currently, these two exchanges dominate the inflow and outflow of funds. U.S.-based Bitfinex ranks third with over 210,000 BTC in fund flow, followed by Hong Kong-based BitMEX with 165,000 BTC outflow.

In terms of inflow, Binance leads with 544,000 BTC, followed by Huobi with 247,000 BTC. Kraken ranks third with 237,000 BTC inflow.

It is worth noting that mainstream U.S. exchange Coinbase was not included in the ranking, and other major Asian exchanges like Bithumb, Upbit, and OKEx were omitted in the analysis.

Nevertheless, the dominance of Asian exchanges in this field is undeniable.

Tether Denies Price Manipulation

In recent cryptocurrency trading news, scholars have claimed that the 2017 Bitcoin bull market was caused by price manipulation from a single Bitfinex account, and criticized Tether for over-issuing USDT without 100% reserve backing.

In response, Tether stated that the argument lacks complete data and responded:

Tether and its affiliates have never used USDT to manipulate the cryptocurrency market or token prices. All Tether tokens are fully backed by reserves and are issued based on market demand, not for the purpose of manipulating crypto asset prices.

In the future, Tether and Bitfinex will continue to be a focus of public attention, at least until the dominance of USDT declines and other stablecoin market values increase.

Further Reading

• Shanghai Government Collaborates with 6 Banks to Establish Blockchain Trade Alliance
• UN Accuses North Korea of Using Hong Kong Blockchain Companies as Money Laundering Fronts

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