Net Flow of Shiba Inu to Exchanges Declines as 13 Trillion SHIB Tokens Enter Exchanges

Shiba Inu’s Flow to Centralized Exchanges Slows Down as Price Increases
The movement of Shiba Inu to centralized exchanges has decreased significantly in the past few hours, coinciding with a 1.6% increase in the price of SHIB today.
Net Flow of Shiba Inu to Exchanges Declines
According to on-chain data from CryptoQuant, crypto exchanges had received approximately 196 billion SHIB tokens at the time of writing. This is a stark contrast to the 2.3 trillion SHIB tokens that were deposited to exchanges just yesterday, on June 24.
Meanwhile, a larger amount of 293 billion SHIB tokens have been withdrawn from exchanges today. When reconciling the inflows and outflows, Shiba Inu’s net flow to exchanges reduces to negative 95 billion tokens.
It is worth noting that despite the 2.3 trillion Shiba Inu deposited to exchanges on Monday, the price of SHIB dropped further to $0.00001642. This price decline occurred as the outflow for the day was not enough to counterbalance the selling pressure from the inflows.
Additionally, in the past week, exchanges saw fewer inflows of SHIB as the token attempted to maintain a steady value between $0.000017 and $0.000018 until yesterday. The inflow on Monday was the highest since June 11, when approximately 6.635 trillion SHIB tokens were sent to liquid trading platforms by market participants.
Moreover, the 6.635 trillion inflow was the largest transfer of Shiba Inu to exchanges in over three months. Despite the substantial inflow, Shiba Inu’s price remained stable at around $0.000022 between June 11 and 12, as it was counteracted by the larger 7.12 trillion Shiba Inu withdrawn from exchanges that day. As a result, the net flow to exchanges on June 11 was negative 511 billion SHIB.
13 Trillion 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 collectively received approximately 13.11 trillion SHIB tokens since last week, with withdrawals slightly exceeding deposits.
Overall, exchanges have experienced larger outflows of Shiba Inu than inflows over the past month, leading to the continued depletion of Shiba Inu reserves on exchanges since last year.
Shiba Inu Flows to Exchanges
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 approximately 30 trillion SHIB moved out of exchanges over the year.
While this may indicate a bullish signal for investors, Bitcoin’s ongoing pullback has tempered bullish expectations. At the time of writing, SHIB is trading at $0.00001712, marking a 1.6% increase in the last 24 hours.
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