Most of the asset inflows recorded by Binance this year have come from Huobi – a China-based cryptocurrency exchange. The reports come after a few weeks of serious Chinese interest as well as major blockchain-oriented announcements coming from the country.
Initially established in China, Binance left the country when the government placed ban on trading and had its headquarters in Malta. With the latest news coming from China, though, and the interest picking up, the situation appears to be changing for Binance as well. According to a recent visualization of Bitcoin transactions between exchanges this year, the majority of Binance’s inflows are coming from Huobi.
Apparently, the total amount sent of Bitcoin from Huobi wallets to Binance wallets is 259,000 BTC. It was even confirmed by Changpeng Zhao, who said that “China is active.”
However, it’s also worth pointing out that the opposite is in a similar predicament as well. The second-largest “interflow” between exchanges has been from Binance to Huobi – 137,000 BTC.
It has been a few weeks since the President of the country, Xi Jinping, said that China should emphasize increasing the adoption of blockchain technology. Immediately after that, Bitcoin’s price saw a notable increase of over 40% – something we hadn’t seen since 2011.
Naturally, interest in the whole country appears to be surging. The popular Chinese multi-purpose app, WeChat, recorded serious search increases for the words “blockchain” and “bitcoin”. Besides that, the government reacted swiftly and accepted a cryptography law on the following day, after the announcement from President Jinping.
The vice-chairman of the China Center for International Economic Exchanges said that the first-ever blockchain-based central digital currency will be launched by his country. This came just few months after the initial announcement coming from China’s central bank, saying that the government-backed currency will be launched in November 2019.
With China being so active towards blockchain news, Binance’s inflows from Huobi seem like a step in the right direction for further Chinese involvement in the cryptocurrency market.