Crypto exchange Bitfinex is famous for its close connection with Tether. However, of late Tether’s USDT tokens seem to be losing space in the Bitfinex market space. While both the firms are separate they definitely share a close relationship. Bitfinex and Tether even have the same CEO, Ludovicus van der Velde.
A recently shared statistics by the Element Group, Bitfinex is no longer the biggest USDT holders in the market. Ran Neuner tweeted this information on October 19. His tweet shows how the market seems to be making USDT move away from Bitfinex.
The tweet mentions, unlike crypto exchange Bitfinex that ranks at 6, the Tether Treasury is the greatest USDT holder, followed by Binance, the largest crypto exchange in the world in terms of trading volume. The Binance exchange, in fact, is getting closer to hold almost as much USDT tokens as held by the Tether Treasury. This clearly indicates that the token is quite popular at the exchange.
Biggest holders of Tether today are treasury,Binance and Huobi. Bitfinex has a very small amount. This means that;
1.Bitfinex has lost a lot of customers.
2.Bitfinex customers have sold Tether for crypto.
3.@cz_binance is certainly in top of the situation.
Source: @TheElementGrp pic.twitter.com/2p12TaJp0t
— Ran NeuNer (@cryptomanran) October 19, 2018
The next group of USDT holders after Binance are “unknown” with around 60 percent of the tokens held by the former. Having almost half of the quantity of USDT tokens that Binance has, Huobi follows next in line. It is then followed by the Poloniex exchange, which is slightly ahead of Bittrex.
Bitfinex is considerably lower with half the amount of tokens that Bittrex has and it is shortly followed by Kraken. HitBTC and Sygnia.io which are quarantined, follow further down in the list. The third place in the list which is held by “unknown bagholders” is probably made up a lot of people who hold USDT in their wallets, as reported on the Bitcoin Exchange Guide.
Element Group which shared the USDT statistics pertaining to crypto exchange Bitfinex is considered to be a global strategic partner in transforming traditional finance with digital assets, cryptoeconomics and proprietary technology solutions. As stated on its website, the firm offers a plethora of advisory services pertaining to digital assets and tokenization events to various crypto companies.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]