The post Shiba Inu Mega Whales Withdraw From Exchanges: Bullish? appeared on BitcoinEthereumNews.com.

Data shows that the largest of the Shiba Inu and Ethereum exchange wallets have seen recent withdrawals, a sign that could be bullish for their prices. Shiba Inu, Ethereum, & Chainlink Are Among Coins Seeing Exchange Outflows As explained by the on-chain analytics firm Santiment in a new post on X, the top 10 exchange wallets on the SHIB, ETH, and LINK networks have recently seen their supplies go down. The “top 10 exchange wallets” refer to the ten largest wallets currently attached to centralized exchanges. Naturally, such large wallets would belong to the largest investors in the market, humongous even among the whales. Generally, any address’ influence on the network rises as its holdings go up, so the top 10 exchange wallets would be among the most influential investors in the market. As such, the trend in their combined supply can be worth keeping an eye on for any cryptocurrency. Below is a chart that shows the data for this metric for three of the top assets in the sector: Shiba Inu (SHIB), Ethereum (ETH), and Chainlink (LINK). Looks like the value of the metric has been going down for each of these coins recently | Source: Santiment on X As is visible in the above graph, the size of the top 10 exchange whales has recently decreased for all three cryptocurrencies. More particularly, since late May, Shiba Inu has seen this metric decline by 2.4%, Chainlink by 2.9%, and Ethereum by 8.6%. Usually, buying from the whales is a bullish sign for any asset, but here, the size of the wallets goes down instead. In this case, however, the addresses in question are those attached to exchanges rather than self-custodial wallets. Investors usually keep their coins on exchanges whenever they plan to trade them shortly, so the coins…

---

Filed under: News - @ June 15, 2024 11:20 am