Bitcoin inflows into Binance may be driven by users of Huobi Global ahead of the planned closure, but this is net neutral overall, CoinTelegraph reported.
- Binance inflows came as Huobi Global stopped offering trading services to mainland Chinese users on December 15. Users have until the end of December to sell their funds.
- Analysts believe Huobi Global users are moving their assets to Binance, as the combination of Binance and Huobi exchange balances indicates a net neutral position.
- Recent reports have highlighted concerns over a possible selloff due to the thin volumes and shallow markets amid the holiday period. The lack of liquidity could also exacerbate any sudden moves, as market players will only return next week.
Analysts see a retail-fuelled mass sell-off as unlikely, as investors continue to accumulate more Bitcoin holdings while larger investors appear less certain. BTC is down 3.53%.