The flow of Shiba Inu to centralized exchanges has significantly cooled off in the last few hours, coinciding with a 1.6% gain in the price of SHIB today.
Shiba Inu Net Flow To Exchanges Falls
According to on-chain data from CryptoQuant, crypto exchanges had received approximately 196 billion SHIB tokens at press time. This figure contrasts with the 2.3 trillion SHIB tokens deposited to exchanges yesterday, June 24.
Meanwhile, a more considerable 293 billion SHIB tokens have been withdrawn from exchanges today. Reconciling the inflows and outflows reduces Shiba Inu’s net flow to exchanges to negative 95 billion tokens.
Notably, amid the over 2.3 trillion Shiba Inu deposited to exchanges on Monday, the price of SHIB further slumped to $0.00001642. The price crash emerged as the day’s outflow was insufficient to counterbalance the selling pressure from the inflows.
Furthermore, over the past week, exchanges saw fewer inflows of SHIB as the token tried to hold steady between $0.000017 and $0.000018 until yesterday. Monday’s inflow was the highest since June 11, when market participants dispatched approximately 6.635 trillion SHIB tokens to liquid trading platforms.
Moreover, the 6.635 trillion inflow has been the most significant Shiba Inu transfer to exchanges in over three months. Despite the massive inflow, Shiba Inu’s price remained steady at around $0.000022 between June 11 and 12.
This resulted from the counteraction of the more substantial 7.12 trillion Shiba Inu drained from exchanges that day. Accordingly, the net flow to exchanges on June 11 was negative 511 billion SHIB.
13T SHIB Flowed into Exchanges in one week
In recent weeks, most SHIB tokens have been moved to exchanges such as Coinbase, Binance, Robinhood, Kraken, OKX, and Gate.io for liquidation. According to the intelligence platform Arkham, these exchanges have collectively received approximately 13.11 trillion SHIB tokens since last week, with withdrawals slightly exceeding deposits.
Overall, exchanges have experienced more significant outflows of Shiba Inu than inflows over the past month. This trend is reflected in the continued depletion of Shiba Inu reserves on exchanges since last year.
As of June 26, 2023, centralized exchanges held a SHIB reserve of over 175 trillion tokens. Today, this figure has dropped to around 146 trillion, with around 30 trillion SHIB moved out of exchanges over the year.
While this suggests a bullish signal for investors, Bitcoin’s ongoing pullback has dampened bullish expectations. At press time, SHIB trades at $0.00001712, marking a 1.6% uptick in 24 hours.
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