Whales Move 705,917,885,653 Shiba Inu Out of Exchanges in 24 Hours

Whale addresses move 705.9 billion Shiba Inu worth over $16.5 million out of cryptocurrency exchange platforms in a 24-hour timeframe.

On-chain analytics resource Arkham Intelligence indexed these massive fund flows, which come up at a time when Shiba Inu is displaying signs of an imminent price rebound. This rebound emerges on the back of a mild resurgence that has enveloped the broader market.

Notably, on-chain data sourced by Arkham Intelligence reveals that whale addresses have shifted more than 1.3 trillion Shiba Inu tokens over the last 24 hours. Of these transactions, some involved movements across unknown wallets and others witnessed fund flows into cryptocurrency exchanges.

Investors Withdraw 705B Shiba Inu from Exchanges 

Meanwhile, the analytics platform identified five transactions showing the transfer of assets out of exchanges, a trend viewed favorably by market analysts. This pattern signals investors’ commitment to retaining their tokens on self-custodial solutions, thereby mitigating selling pressures.

The largest of these exchange outflows involved the movement of 343,551,693,521 (343.5 billion) valued at a whopping $7.92 million out of a Coinbase hot wallet. The U.S.-based crypto exchange leverages this wallet to redeem withdrawal requests, and the 345 billion SHIB outflow is the largest withdrawal over the last 24 hours.

Arkham Intelligence also spotlighted two large whale movements out of crypto trading platform and market maker B2C2 Group. The larger of these two transactions saw the transfer of 100 billion SHIB worth $2.31 million out of a B2C2 wallet yesterday at 16:59 UTC. The other transaction involved 88.1 billion SHIB moved to Robinhood.

Meanwhile, Kraken has also witnessed two large whale outflows from its wallets over the past 24 hours. While one of these movements saw an outflow of 87.4 billion Shiba Inu worth $2 million from one of its hot wallets, the other involved the withdrawal of 86.7 billion SHIB valued at $1.99 million from a Kraken deposit address.

A Trend of Exchange Outflows

With a total cumulative value of $16.5 million, some of these five transactions were carried out by the exchanges themselves as a balancing effort, while others saw outflows executed by market participants to other addresses.

Further data from Arkham Intelligence shows that exchanges have witnessed outflows totaling 120.8 billion Shiba Inu tokens this month despite recording three consecutive days of inflows from May 6 to 8. On May 1, market participants withdrew 265 billion SHIB from exchanges, the largest daily outflow since April 17.

The Crypto Basic has called attention to some of these whale movements in recent times. For instance, on May 1, a whale address amassed a whopping 1.75 trillion SHIB from trading platform Robinhood. Last month, three new wallets procured nearly 184 billion SHIB from exchanges. 

The latest exchange withdrawals come up when Shiba Inu is pushing to recover the latest losses. Currently trading for $0.00002347, SHIB has gained by 3.3% over the last 24 hours. While this appears minimal, it surpasses Bitcoin’s (BTC) 2.65% increase. The recent exchange outflows could bolster the ongoing recovery.