) balances rising on exchanges may not be a sign of investors preparing to sell, new research argues.from across exchanges on Dec. 28, Glassnode on-chain analyst TXMC pointed the finger at fresh changes in China for rising balances elsewhere.
Huobi Global, the international off-shoot of Chinese exchange Huobi, stopped mainland Chinese citizens from accessing its trading service on Dec. 15. They now have until the end of the month to sell funds, after which a one- to two-year withdrawal window will be available for them to remove them from their accounts.
“If users have yet to withdraw sell orders before the cessation, the system will automatically cancel all pending sell orders. The withdrawal function will remain available for 1 to 2 years, and notice will be given ahead of its closure. Mainland China users are advised to handle their digital assets as soon as possible.”