Huobi’s spot market share jumps to highest point in two years

Huobi managed to stave off market concerns in its business, reflected in USDT stablecoin activity, rising to the second-highest in August spot trading activity


Dennis Diatel/Shutterstock, modified by Blockworks


Crypto exchange Huobi experienced a significant uptick in spot trading volume for the month of August as concerns surrounding its Tether (USDT) stablecoin reserves began to subside.

The Seychelles-registered exchange recorded $25.8 billion in spot trading volume by month’s end, making it the second-largest in the category over the previous 30-day period, CCData shows.

The surge also increased Huobi’s spot market share to 6.3%, its highest point since October 2021. The exchange now sits in second place, behind Binance, with a total of $875 million in daily trade volume compared to the top spot of $2.83 billion, Coinranking data shows.

By the end of July, Huobi was ranked 14th, a Wayback Machine snapshot shows.

CCData data on Huobi spot volumes
Source: CCData

Huobi’s increase in trading activity coincides with lingering concerns about USDT reserves held on its platform, CCData said.

Recent reports suggested Huobi’s reserves had declined by as much as 34% in August over a short period, triggering skepticism from within the crypto community. 

Local Chinese media reported earlier last month the detainment of at least three Huobi executives, adding further fuel to market speculation. 

A Huobi spokesperson later denied the allegations and termed them as ‘FUD’ (Fear, Uncertainty, and Doubt), Blockworks previously reported.

According to DefiLlama, Huobi’s USDT balances fell by $150 million to $2.86 billion, between August 1 and 7, during the height of those concerns. After tracking higher in mid-August, that figure ended the month roughly 1% lower than August 7, to $2.83 billion, data shows. 

While the company has denied any misconduct, it has also previously pointed out discrepancies in the data presented by DefiLlama. 

CryptoQuant data, which analyzes Huobi Global’s Ethereum-based USDT reserves, show the figure instead jumped 73% between August 6 and August 30, to close off the month with a total of $91.6 million.

A spokesperson for the exchange told Blockworks at the time, the most accurate data could be sourced from Nansen, adding they are collaborating with DefiLlama to rectify errors.

Tron founder Justin Sun, also a member of Huobi’s global advisory board, urged the community to disregard the FUD in a post on X, formerly Twitter, earlier last month.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


Revolut said that the standalone crypto exchange is currently “invite only”


The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders