Recent on-chain data reveals Shiba Inu whales have been withdrawing large amounts from exchanges, indicating a potential bullish trend for SHIB’s price. On X, the on-chain analytics firm Santiment discussed the behavior of Shiba Inu whales. They categorized these major holders into two groups: exchange whales and non-exchange whales. Exchange whales are the 150 largest wallets connected to centralized exchanges, while non-exchange whales are the top 150 self-custodial wallets.
The chart shared by Santiment illustrates how the total supply held by these groups has changed over the past few months. Recently, the top 150 exchange wallets have seen a sharp decline in their holdings. Specifically, exchange whales now hold 5.53 trillion fewer SHIB tokens than they did a month ago.
Increase in Non-Exchange Whale Holdings
Conversely, non-exchange whales have absorbed these coins, increasing their holdings by approximately 6.57 trillion SHIB within the same period. This increase exceeds the withdrawals from the top 150 exchange wallets, suggesting that self-custodial investors have also acquired coins from smaller holders.
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Investors typically hold their coins on exchanges when they plan to trade soon. Therefore, the supply on exchanges represents the available sell supply of Shiba Inu. The recent trend of exchange whales losing coins to self-custodial investors, who might plan to hold long-term, can be a positive sign for SHIB.
Timing Of Outflows And Market Sentiment
The timing of these outflows is particularly encouraging as they have occurred while SHIB’s price has been declining. The accumulation indicates that whales view the recent price lows as profitable entry points.
Related article: Shiba Inu Shows Bullish Signals Amid Rising Trading Activity
It remains to be seen if the confidence from these major holders will pay off, leading SHIB to break away from its bearish trend and start a fresh surge.
Over the past month, the cryptocurrency market has been challenging for investors, including SHIB holders.
