Huobi is one of the leading cryptocurrency exchanges in the world. At its peak, it processed over $2 billion in daily trading volume and ranked third in terms of total volume.
Currently, Huobi appears to be losing momentum. Reports and data shared by cryptocurrency expert Willy Woo on Twitter indicate that the trading volume and web traffic of the exchange have experienced a noticeable decline in recent months.
The amount of cryptocurrency held on the Huobi exchange has decreased by over 90% since the end of 2020. This indicates that users have withdrawn a significant portion of their cryptocurrency holdings from the exchange.
The Bitcoin reserves have decreased from 410,000 BTC in 2022 to just 26,000 BTC. Data from CoinGlass confirms this and shows that Huobi currently holds approximately 16,400 BTC on its balance sheet.
In addition to analyzing the reserves, the expert also noticed a significant decline in web traffic and user engagement with the cryptocurrency exchange. Their data shows that the visits to Huobi.com have decreased from over 30 million in March 2023 to just over 2 million in May 2023.
The increasing regulatory challenges and growing competition in the cryptocurrency exchange space appear to have taken a toll on Huobi, as the exchange has been forced to exit several countries in recent months. The tightening regulations and intensified competition have posed significant challenges for Huobi’s operations and market presence.
Currently, Huobi is ranked 14th in terms of web traffic, liquidity, and trading volume.