CyptoQuant and Glassnode data show that a large amount of Bitcoin from Huobi is flowing into Binance. The outflow from Huobi and the inflow into Binance have both reached record levels this year. When Binance was hacked in May 2019, Bitcoin also showed a trend of flowing from Binance to Huobi.摘要：CyptoQFuant和Glassnode的數據顯示，來自Huobi的大量比特幣正在流入Binance。自今年以來，火幣的流出和幣安的流入都創下了紀錄。2019年5月Binance遭到黑客攻擊時，比特幣也出現了從Binance逃往Huobi...
Panic is a major factor. On November 2, there were rumors circulating in the industry that Huobi's chief operating officer was under investigation by the police, but Huobi did not restrict withdrawals and continued to operate normally.
From November 2 to November 11, a total of 18,652 bitcoins flowed from Huobi to Binance. However, from August to early November, the flow of Bitcoin was the opposite, as more users were buying Bitcoin on Huobi through over-the-counter trading.
The flow of Bitcoin on medium-sized exchanges such as Kucoin and Gate, which have Chinese users, also peaked on November 2, but the total volume was relatively small. There were no significant changes in the flow of Bitcoin to overseas mainstream exchanges such as Coinbase and Bitfinex, as well as to contract exchanges such as Bybit and BitMEX. The reason for this is that the users of Huobi exchange are mainly Chinese.
According to Chain info, Huobi still holds 141,451 bitcoins in reserve, while Binance has several cold wallets with 74,618, 65,236, and 7,794 bitcoins respectively.
It is normal for panic to cause a large number of investors to flee to another exchange. In 2019, when Binance was hacked, on May 7, Bitcoin flowed from Binance to Huobi in panic. However, due to the relatively small damage and the promise of full compensation, Binance quickly recovered to normal.