Most hive users have their hive powered up. It takes 13 weeks to power down. So any meaningful hive people want to transfer to Huobi must be bought from the exchanges. That creates the buying pressure. Prices rally, more people buy it and it shows up on every trading scan. Traders gets interested and buys more. Prices rally more. Hope this helps.
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But that would mean users are buying Hive on other exchanges to deposit on Huobi. But 90% of the 24-hour volume is coming from Huobi.
Yes, they are new customers. Or existing customers using the new exchange.