Data reveals that significant withdrawals from the largest Shiba Inu and Ethereum exchange wallets may indicate potential bullish trends for their prices.

Shiba Inu, Ethereum, & Chainlink Experience Exchange Outflows

According to on-chain analytics firm Santiment, the top 10 exchange wallets for SHIB, ETH, and LINK have recently seen their holdings decrease.

The "top 10 exchange wallets" are the ten largest wallets linked to centralized exchanges, typically belonging to major market investors. As these wallets hold substantial amounts, their combined supply trends can provide insights into market movements.

The attached chart highlights this trend for Shiba Inu (SHIB), Ethereum (ETH), and Chainlink (LINK).

Recent data shows that these wallets have decreased their holdings: Shiba Inu by 2.4%, Chainlink by 2.9%, and Ethereum by 8.6% since late May.

Although whale buying usually signals bullish trends, the decrease in exchange wallet sizes suggests that investors are moving their coins out of exchanges, indicating reduced sell pressure.

This trend is notable as these large wallets are associated with exchanges, implying that mega whales might be holding their coins for the long term, which can be bullish.

The chart shows a sharp withdrawal of ETH and LINK from these large wallets at the end of May, with a sideways movement since then. Conversely, Shiba Inu saw an initial increase followed by outflows, the latest occurring in the past week, suggesting SHIB outflows might still be ongoing.

SHIB Price

Currently, Shiba Inu is trading at approximately $0.0000216, down over 13% in the past week.