Mega Whales Pull Out
Data shows that the largest investors in Shiba Inu (SHIB) and Ethereum (ETH) have been withdrawing their coins from exchanges. This could be a bullish sign for the prices of both cryptocurrencies.
Exchange Outflows
According to Santiment, the top 10 exchange wallets for SHIB, ETH, and Chainlink (LINK) have recently seen a decrease in their holdings. These wallets belong to the largest investors in the market, known as whales.
Bullish Implications
Typically, when whales buy an asset, it’s considered a bullish sign. However, in this case, the wallets are associated with exchanges, where investors usually store coins they plan to sell soon.
Reduced Selling Pressure
The recent decline in exchange holdings for SHIB, LINK, and ETH suggests that the potential for selling pressure in these markets has decreased. This is because the coins held in these wallets represent the available supply that could be sold.
Mega Whales Hold Long-Term
The withdrawals from the top 10 exchange wallets may indicate that mega whales are interested in holding their coins for the long term. This is particularly bullish, as these whales have a significant influence on the market.
Current Situation
As of writing, SHIB is trading around $0.0000216, down over 13% in the past week. Chainlink and Ethereum have seen sideways movement in their exchange holdings since the end of May. SHIB, on the other hand, has experienced recent outflows, suggesting that the withdrawals may still be ongoing.
