鏈上恐慌：火幣面臨穩定幣大規模外流，引發危險訊號

由於資金外流總額超過 1 億美元，主要是穩定幣和 ETH，交易員對火幣的財務穩定性表示懷疑。儘管如此，加密貨幣企業家孫宇晨還是向該交易所存入了 1 億美元。分析師對火幣用戶活動和比特幣儲備下降以及該交易所嚴重依賴的 HT 代幣的健康狀況表示擔憂。

On-Chain Data Raises Concerns about Huobi's Financial Stability

鏈上數據引發對火幣金融穩定性的擔憂

Amidst a barrage of negative headlines and a significant workforce reduction, Huobi, a prominent cryptocurrency exchange, is grappling with substantial outflows of capital. In the past 24 hours alone, traders have withdrawn a staggering $64 million from the platform, pushing its weekly outflow tally past the $100 million mark. This surge in withdrawals follows a concerning pattern observed over the past week, with Huobi experiencing far greater outflows compared to its rival exchanges.

在一系列負面新聞和大幅裁員的背景下，著名的加密貨幣交易所火幣正在努力應對資本大量外流的問題。僅在過去 24 小時內，交易員就從該平台提取了驚人的 6,400 萬美元，使其每週流出總額超過 1 億美元大關。提款激增遵循了過去一周觀察到的令人擔憂的模式，與競爭對手交易所相比，火幣的資金流出量要大得多。

Nansen, a blockchain analytics firm, has identified a particularly alarming trend: the bulk of these outflows are originating from stablecoin wallets with substantial balances, primarily in USDT, USDC, and ETH. Stablecoins, which are pegged to real-world currencies like the US dollar, are typically considered safe havens in the volatile cryptocurrency market. Their withdrawal from Huobi raises concerns about investors' confidence in the exchange's financial health.

區塊鏈分析公司 Nansen 發現了一個特別令人擔憂的趨勢：大部分資金流出來自擁有大量餘額的穩定幣錢包，主要是 USDT、USDC 和 ETH。穩定幣與美元等現實世界貨幣掛鉤，通常被認為是波動的加密貨幣市場中的避風港。他們從火幣撤資引發了投資者對該交易所財務健康狀況信心的擔憂。

While Huobi has faced financial headwinds before, the current situation has taken a more serious turn. According to Nansen data, the exchange's stablecoin balance has plummeted by 9.5% in just one week, falling to $681 million. This decline mirrors the sharp outflow of stablecoins from FTX, which ultimately led to its spectacular collapse in November.

雖然火幣先前曾面臨財務困境，但目前的情況更加嚴重。 Nansen數據顯示，該交易所穩定幣餘額在短短一週內暴跌9.5%，跌至6.81億美元。這種下跌反映了穩定幣從 FTX 的急劇流出，最終導致其在 11 月的慘敗。

Compounding the concerns, CryptoQuant, another blockchain analytics provider, has reported that Huobi's bitcoin reserves have nosedived by 90% in the past year, while Binance, its main competitor, has more than doubled its reserves during the same period. Furthermore, CryptoQuant data shows that Huobi's active user addresses have dwindled significantly, raising questions about the exchange's traction among traders.

雪上加霜的是，另一家區塊鏈分析提供商CryptoQuant 報告稱，火幣的比特幣儲備在過去一年中驟降了90%，而其主要競爭對手幣安的儲備在同一時期增加了一倍多。此外，CryptoQuant 數據顯示，火幣的活躍用戶地址大幅減少，引發了對該交易所在交易者中吸引力的質疑。

Of particular concern is the health of Huobi's native token, HT. Last month, CryptoQuant labeled Huobi as having the "dirtiest" exchange reserves due to its substantial reliance on the HT token. This assessment casts doubts on the token's intrinsic value and the exchange's overall financial stability.

特別值得關注的是火幣原生代幣 HT 的健康狀況。上個月，由於火幣對 HT 代幣的嚴重依賴，CryptoQuant 將火幣稱為擁有「最髒」的交易所儲備。這項評估讓人對代幣的內在價值和交易所的整體財務穩定性產生懷疑。

Nansen data reveals that Huobi holds an overwhelming 81% of the circulating supply of HT, a significant concentration that could potentially destabilize the token's value. Furthermore, its 2% bid depth remains relatively thin compared to peers with similar market capitalizations. Notably, Clara Medalie, director of research at Kaiko, identified the lack of 2% bid depth as a major red flag that ultimately proved prescient in the case of FTX's FTT token.

Nansen 數據顯示，火幣持有 HT 流通供應量的 81%，這一比例過高，可能會破壞該代幣價值的穩定。此外，與市值相似的同業相比，其 2% 的出價深度仍然相對較低。值得注意的是，Kaiko 研究總監 Clara Medalie 認為缺乏 2% 的出價深度是一個重大危險信號，最終在 FTX 的 FTT 代幣案例中被證明是有先見之明的。

Amidst this turmoil, crypto entrepreneur Justin Sun, a member of Huobi's advisory board and founder of the Tron blockchain, has sought to provide a lifeline to the beleaguered exchange. On-chain data shows that wallets historically associated with Sun have transferred $100 million in USDC and USDT from Binance to Huobi. While Sun has encouraged investors to "ignore FUD and keep building," the exchange's critics remain unconvinced.

在這場動盪中，火幣顧問委員會成員、Tron 區塊鏈創始人、加密貨幣企業家孫宇晨（Justin Sun）試圖為陷入困境的交易所提供生命線。鏈上數據顯示，歷史上與 Sun 相關的錢包已將 1 億美元的 USDC 和 USDT 從幣安轉移到火幣。儘管Sun鼓勵投資者“忽略FUD並繼續建設”，但交易所的批評者仍然不相信。

The current situation at Huobi is a sobering reminder of the fragility of the cryptocurrency industry. Investors should exercise extreme caution and monitor the exchange's financial health closely. The outflows, declining reserves, and concerns surrounding the HT token paint a worrisome picture that could portend further troubles down the road.

火幣目前的狀況發人深省地提醒人們加密貨幣產業的脆弱性。投資者應格外謹慎，並密切注意交易所的財務狀況。資金外流、儲備下降以及圍繞 HT 代幣的擔憂描繪了一幅令人擔憂的畫面，可能預示著未來會出現更多麻煩。