Bitcoin

Amid a wide-reaching <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulatory</a> offensive against some of the largest <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/" rel="noopener noreferrer nofollow">cryptocurrency exchanges</a> in the world, <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> platform <a href="https://finbold.com/topic/huobi/" rel="noopener noreferrer nofollow">Huobi</a> seems to be dealing with a different (but not entirely unrelated) kind of trouble, which has seen its <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> reserves dwindle.As it happens, the amount of Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) in Huobi’s <a href="https://finbold.com/guide/crypto-wallets/" rel="noopener noreferrer nofollow">crypto wallets</a> has dropped from 410,000 BTC in 2020 to the current mere 26,000 BTC as its Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) and Tether (<a href="https://finbold.com/cryptocurrency/tether/" rel="noopener noreferrer nofollow">USDT</a>) balances are “also flatlining,” according to the observations shared by <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> expert Willy Woo in a <a href="https://twitter.com/woonomic/status/1676634438246232064" rel="noopener noreferrer nofollow">tweet</a> on July 5.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/46dc01aba6ec4be49d2d7fb898dc5809.jpg" />Bitcoin balance on Huobi. Source: <a href="https://twitter.com/woonomic/status/1676634438246232064" rel="noopener noreferrer nofollow">Willy Woo/Glassnode</a>Specifically, in Woo’s words:<blockquote>“Huobi exchange looking like it’s a slow-moving train wreck, nearing its final throws. Collateral has been draining since 2020. <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> balance down from 410,000 BTC [(2020)] now only 26,000 BTC left. ETH and USDT balances also flatlining.”</blockquote><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5668456eac2f48168cfed92aac170bc6.jpg" />Ethereum balance on Huobi. Source: <a href="https://twitter.com/woonomic/status/1676634438246232064" rel="noopener noreferrer nofollow">Willy Woo/Glassnode</a><h2 id="header-0">SEC’s role in declining balances</h2>Indeed, <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> exchanges have observed a significant decline in their reserves after the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) increased its regulation by enforcement strategy in the sector, culminating in <a href="https://finbold.com/coinbase-sued-by-sec-in-new-york-federal-court/" rel="noopener noreferrer nofollow">lawsuits</a> against <a href="https://finbold.com/review/binance-review/" rel="noopener noreferrer nofollow">Binance</a> and <a href="https://finbold.com/review/coinbase-review/" rel="noopener noreferrer nofollow">Coinbase</a>.Not long after, the balance of the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset on exchanges <a href="https://finbold.com/bitcoin-balance-on-exchanges-at-3-year-low-spelling-bullish-sentiments-for-btc/" rel="noopener noreferrer nofollow">dropped to a three-year low</a>, following a <a href="https://finbold.com/over-2-billion-bitcoin-outflows-exchanges-in-a-week-what-it-means-for-btc-price/" rel="noopener noreferrer nofollow">massive outflow</a> of more than $2 billion in Bitcoin leaving crypto exchanges in a single week, as <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> reported on June 22.As Woo further noted, the web traffic to Huobi was also “taking a decent hit,” dropping from 30.2 million visits in March to a mere 7.2 million in May, indicating a decline of 36.93% in visits during the previous month, as well as a whopping 76.16% drop over the course of two months.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/8e6a08f9c4284f2d9708da9b15caaa16.jpg" />Huobi web traffic in March-May 2023. Source: <a href="https://twitter.com/woonomic/status/1676634438246232064" rel="noopener noreferrer nofollow">Willy Woo/SimilarWeb</a>Meanwhile, Huobi’s native token HT is changing hands at the price of $2.70, recording a 93.17% drop from its all-time high (ATH) of $34.66 it had reached on May 12, 2021, as well as declining 0.71% in the last 24 hours, 0.47% across the previous week, and 6.12% on its monthly chart, as of the July 7 data.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Crypto guru Willy Woo slams Huobi a ‘train wreck’ as BTC balance plummets

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