Understanding the Nansen Data on Kraken, Coinbase, and Huobi ETH Withdrawals

On April 13th, according to Nansen data, Kraken ranked first (70.8%) among entities waiting to cancel ETH pledges, reaching 551300 ETHs; Coinbase ranked second (6.56%), reaching 51000; Huobi ranks third (5.78%) with 45000 withdrawals, and the total demand for withdrawals from the three companies accounts for 83% of the entire waiting currency sequence.

Kraken, Coinbase, and Huobi rank among the top three entities waiting to cancel ETH pledges

Withdrawal of cryptocurrencies such as Ethereum (ETH) is a common practice in the crypto industry. Recently, a report by Nansen data revealed the top three entities with the largest waiting times to cancel ETH pledges. Kraken ranked first, followed by Coinbase and Huobi, accounting for about 83% of the entire waiting currency sequence.

Introduction

In the ever-evolving world of cryptocurrencies, investors and traders are constantly on the lookout for the best platforms to trade-in. Cryptocurrency exchanges have become the go-to for such activities. Recently, withdrawal of cryptocurrencies especially ETH, has been a major concern among traders. Nansen data whose platform provides data-driven insights for traders, recently released data on the top three entities with the highest waiting times to cancel ETH pledges.

The Findings of Nansen Data

According to the data from Nansen, Kraken ranks first among entities waiting to cancel ETH pledges. As of April 13th, they had a whopping 70.8% of the total withdrawals, which translates to 551300 ETHs. Coinbase comes in second with 6.56% of the total withdrawals, amounting to 51000 ETHs while Huobi ranks third with 5.78% of the total withdrawals, which translates to 45000 ETHs.

Reviewing the Key Players

Kraken

Kraken is one of the oldest cryptocurrency exchanges in the market, having been launched in 2011. Over the years, Kraken has grown to become a dominant trading platform, with high liquidity and trading volumes. Kraken’s primary focus is on providing secure and reliable fiat-to-crypto trading, hence it has become a go-to for traders seeking to swap from traditional financial instruments to digital assets.

Coinbase

Coinbase is a well-known cryptocurrency exchange that has been in operation since 2012. Coinbase has a reputation for simplicity, making it an ideal exchange for novices in the cryptosphere. Compared to Kraken, Coinbase has a broader audience as it supports a larger number of cryptocurrencies. The exchange also has a wallet service, allowing traders to store their cryptocurrencies in their wallets.

Huobi

Huobi Global was launched in 2013, and since then, it has grown to become one of the largest cryptocurrency exchanges in the world. In November 2019, Huobi announced that it would freeze all US customer accounts with effect from November 13th. Apart from crypto trading, Huobi has expanded its services to include margin trading and futures trading.

Factors Contributing to Long Waiting Times for Withdrawal

Several factors contribute to long waiting times for the withdrawal of cryptocurrencies. One major factor is the need for manual verification by the exchanges to avoid issues such as money laundering, illegal activities, and fraud. Also, high demand for cryptocurrencies can lead to a delay in the withdrawal of digital assets.

Conclusion

In summary, Nansen data has reported on the waiting times for ETH withdrawals on cryptocurrency exchanges. Kraken, Coinbase, and Huobi are the top three entities with the largest waiting times to cancel ETH pledges. Kraken ranks first, followed by Coinbase and Huobi. The delay in withdrawal times could be due to various factors, including manual verification, legal requirements, and high demand for cryptocurrencies.

FAQs

1. Q: What is Kraken?
A: Kraken is a cryptocurrency exchange that allows traders to swap traditional financial instruments to digital assets.
2. Q: What is Coinbase?
A: Coinbase is a cryptocurrency exchange that offers a wide range of cryptocurrency trading.
3. Q: What is Huobi Global?
A: Huobi Global is one of the largest cryptocurrency exchanges in the world that offers margin and futures trading.