Scanning the data on the Bitcoin chain in January (below): Binance VS Huobi Double Giants
In the beginning of 2020, a sudden event disrupted the daily lives of the Chinese, including our most important festival each year: the Spring Festival. The impact of this event is comprehensive, from public health events to economic, financial and digital issues. Assets and have a global impact. Previously, we have analyzed the data of January from the perspective of on-chain data. In the following content, we will reproduce the first of 2020 in terms of details of exchange data such as Binance and Huobi. This month, the on-chain data trends of these two head exchanges.
Let us first understand the inflow and outflow of bitcoin from Binance Exchange. From the entire January, that is, from January 1 to January 31, the inflow of Binance Exchange into 194741.54 BTC, a 1.25% decrease from the previous month; outflow 198030.52 BTC, a decrease of 10.04% over the previous month; net outflow of 3288.98 BTC, although still in a state of net outflow, has dropped significantly by 85.52% compared with the 22911.21 BTC net outflow in December 2019. In the statistics, we excluded situations such as hot and cold wallet transfers within Binance.
From the 31 trading days in January 2020, there was a net inflow of bitcoin on 14 trading days of Binance Exchange and a net outflow of bitcoin on the remaining 17 trading days. Most of the time, it was in a net outflow of BTC, but there was no The trading day of Bitcoin's substantial outflow occurred. At the same time, we can also see that the overall price of bitcoin has been upward this month, and that when there is a relatively large fluctuation in the price of bitcoin, Binance's net inflow of bitcoin will also experience greater fluctuations.
According to the previous December data, Binance Exchange flowed into 197211.06 BTC, outflowed 220122.27 BTC, and net inflow was 22911.21 BTC. In the past two months, the total amount of bitcoin inflows into Binance was similar, but in January Binance exchange bitcoin The outflow has dropped significantly, which caused Binance's net bitcoin outflow in January to significantly decrease compared to December last year.
From the comparison of net inflows and prices in the two months of December 2019 and January 2020, it can also be seen that during the period of price changes, the net inflow of bitcoin on Binance Exchange was more volatile. During the period of price shocks in December, Binance's net inflow of bitcoin changed more. In particular, there were multiple net outflows of more than 3,000 bitcoins. In January, when the price went up overall, users obviously calmed down a lot, and the overall situation Stable, and generated a large net inflow of more than 5,000 bitcoins during a sharp price increase in the middle of the month.
In January 2020, Huobi most of the daily bitcoin inflow and outflow difference is not so large. Throughout January, Huobi Exchange inflowed 190625.24 BTC, an increase of 1.07% over the previous month; at the same time outflow 172345.35 BTC, Compared with the previous month, it decreased by 9.59%; the monthly net inflow was 20314.13 BTC, which was a 213.65% increase from the previous month. The trading day that brought the January strong net inflow to Huobi Exchange was actually between January 14th and January 16th, especially on January 15th.
Specifically comparing the daily inflow and outflow trends of Huobi in December 2019 and January 2020, the inflow of Huobi in January apparently showed an uneven distribution, especially in the second half of the month. However, at the same time, the bitcoin outflow of Huobi to the exchange every day is relatively small, and the fluctuations throughout the month are also relatively limited.
Next, let's take a look. In January, which exchanges did the BTC proposed by Binance Exchange mainly flow to? After our analysis, the data of the top 20 exchanges that can be identified are listed.
We can compare it with the data for December 2019.
We can see that, in general, the main destination of Bitcoin outflow from Binance is still the head exchange, and the order is not much different, but in January, we found an obvious change, that is, Binance flows to the Okex exchange. Bitcoin has nearly doubled compared to last December! what happened?
Through the pie chart, we can understand the distribution of related data more intuitively. It should be noted that only the distribution of bitcoin obtained by some exchanges from the Binance chain's currency transactions is reflected here, and it does not mean that it is related to various transactions. There is a positive correlation between the amount of bitcoin transactions in the field. From the pie chart, we can also intuitively find that Okex accounted for more than a quarter of Binance's outflow of bitcoin in January. Next, let us try to do some analysis.
We will show the daily amount of bitcoin that the Binance Exchange has flowed into Okex, and we will find that the peak is mainly in the first half of the month, especially that there are two trading days above 1800 bitcoin. After our further analysis, we found that the transactions that caused this large amount of transactions actually mainly flow to several addresses of Okex. These transactions are usually above 50BTC, and there are many transactions such as 99BTC and 199BTC. The maximum transaction amount can even exceed 300BTC.
This is not the end. Through the follow-up of the ChainsMap traceback system, we also found that a lot of bitcoin hitting Okex in January that was intensive appeared to be related to an important operation of the Okex exchange itself.
As shown in the example above, when Binance Exchange transferred nearly 100 BTC of Bitcoin to Okex, this Bitcoin (UTXO) was subsequently collected into a larger amount of 3000 BTC UTXO. In fact, this is an operation that occurred during the collection of Bitcoin in Okex on January 18, Beijing time to its cold wallet. At that time, 6 similar transactions occurred, each generating 3000 UTCO in UTCO, many of which were Bitcoin. It is coming from Binance's incoming transactions. From the above graph of daily transfer of Bitcoin from Binance to Okex, you can also see that the trading day with a larger trading volume on the relevant day is happening before January 18 . As for such a transaction, what is the connection between the two exchanges, or is the operation of large households between exchanges, only the parties can know more about the inside.
Disclaimer: The above data is obtained by Beijing Chainan ChainsMap system based on public information analysis on the Bitcoin network chain. It is only used for data research and analysis and does not guarantee absolute accuracy. We welcome all parties in the industry to testify and discuss together.