Huobi Experiences Net Outflows, Controversial NFT Sales Spark Debate

Name: FS Insight
Price range: $$$

Aug 7, 2023

Author

Walter Teng, CFA ^AC

BTC -1.98% ETH -5.05% QQQ N/A% SPX N/A%

Market Update Traditional markets rebound after posting a loss last week as investors look to Thursday's CPI print for clues as to whether the Fed will continue to raise rates. $SPX and $QQQ are trading at 0.6% and 0.2% higher than Friday's close, while earnings reports are set to roll in for the worst quarter since 2020. Digital asset markets seem to be breaking correlation from traditional markets, with $BTC (-0.9%) breaking down from its $29k range and $ETH (-0.7%) trading at $1.81k. Should we decisively break below this range, we believe $21 to $24k to be compelling buying opportunities (should we get them) as ETF news buyers from $25 to $30k get flushed out on fears of a BTC ETF delay and/or Binance DoJ headline risk. Cryptocurrency exchange Huobi has experienced net outflows of over $73.3 million during the past week after reports that some of its executives were taken into police custody in China. The data, provided by blockchain analytics firm Nansen, indicates an outflow of $505.9 million worth of tokens and an inflow of $432.5 million, resulting in the net outflow. In the last 24 hours alone, Huobi's net outflow was $32.9 million, and its stablecoin balances have shrunk 33% to $99.47 million over the past seven days. Financially, Huobi has struggled to turn a profi

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