Recently I have posted about Data On HBDStabilizer. The @hbdstabilizer is trading on the internal market, selling HBD for HIVE, trying to maintain the HBD peg.
For this price action to be transferred to the outside exchanges we need some arbitrage to be happening. Buying HBD for lower price on the internal market and selling it to the outside exchanges.
The thing is HBD is not listed on a lot of exchanges. It is listed only on two exchanges: Bittrex and Upbit.
Since Hive is a public blockchain the transfers to exchanges are all available. Let’s take a look who has been moving HBD to and from exchanges, especially in the last two months, since the @hbdstabilizer has been around.
The period that we will be looking at is January 1st, 2021 to May 4, 2021.
As mentioned the @hbdstabilizer started with operation at the end of February, and we will take some period before that for context.
We will be looking at the following:
- Daily transfers to exchanges
- Top accounts that deposited to exchanges
- Daily withdrawals from exchanges
- Top accounts that withdraw from exchanges
Exchanges taken in the analysis: Bittrex and Upbit.
Daily HBD Deposits To Exchanges
Here is the chart for the daily HBD transfers/deposits to exchanges.
Note: Transfers between exchanges accounts are excluded from the data above.
We can see that in January the amount of HBD transfers to exchanges was very small. Just a few k per day. Then at the end of January larger amounts of HBD started to be moved to exchanges. This is in parallel with the increase of the HBD price. The HBD price increased at the end of January, then it had a pool back and then up again at the end of February. At this point the @hbdstabilizer started operating.
Since February the amount of HBD transferred to exchanges keeps going up in a steady way. At first it started with around 10k HBD transferred to exchanges per day, and in the last period is up to 40k HBD transfers to exchanges per day.
The Upbit exchange is dominant with 1.7M HBD, then Bittrex with around 700k. A 70% to 30%. A total of 2.4M HBD was transferred to exchanges in the period. In the same time around 700k HBD was moved between exchanges.
Top Accounts That Deposited HBD To Exchanges
Who has transferred the most funds to exchanges? Here is the chart.
The @hivekorea account is on the top with 330k HBD.
The @dragonq, @jupiter70 have also transferred a lot of HBD, close to the 300k mark. If we take a look at these, they are constantly transferring HIVE in, and transfer HBD to exchanges.
The top accounts are transferring HBD to Probit, basically arbitraging between the internal market and Probit.
Daily HBD Withdrawals From Exchanges
What about withdrawals from exchanges? How much HBD has been withdrawn and by who?
Here is the chart for the daily withdrawals to exchanges.
As for the above, here as well the transfers between exchanges accounts are excluded.
Notice the smaller amount for withdrawals then deposits. HBD is needed on exchanges now, and since the start of the year the trend to withdraw HBD from exchanges is down, to almost non excitant in the last period.
A total of 580k HBD, was withdrawn from exchanges, most of it in the begging of the year, and some random spikes later.
Top Accounts That Withdrawn From Exchanges
Who has withdrawn the most HBD from exchanges? Here is the chart.
The @art.int is on the top by the HBD withdrawals, followed by @hivehbd and @jupiter70.
The amount of HBD transferred to exchanges has been in a constant steady growth. This is mostly because of the @hbdstabilizer that is providing HBD on the internal market, that then is being used for arbitrage mostly on the Upbit exchange. The amount of HBD transfers to exchanges has reached 40k HBD per day, starting from under 10k. Multiple accounts are transferring HBD and arbitraging.
All the best
@dalz