Shiba Inu (SHIB) saw a net outflow of approximately 41.3 billion tokens from exchanges in the past 24 hours, according to on-chain data. This withdrawal reduces sell-side liquidity and suggests growing holder confidence despite the asset's ongoing technical weakness. The shift in exchange flows comes as SHIB trades below key moving averages, creating a divergence between bullish on-chain signals and bearish price action.
Exchange Flows Turn Negative
Data shows that exchange outflows exceeded 134 billion SHIB, while inflows were around 93 billion SHIB, resulting in a significantly negative netflow. This means far more tokens left trading platforms than arrived, a pattern often interpreted as investors moving assets to private wallets for long-term holding. The total supply of SHIB on exchanges has declined to roughly 79.9 trillion tokens, continuing a downtrend that historically precedes reduced selling pressure.
Network Activity Holds Steady
Active addresses increased by nearly 1% during the same period, indicating that network engagement remains healthy despite the price correction. This is notable because many speculative assets experience a collapse in user activity during prolonged declines. However, the technical picture remains challenging: all major moving averages are sloping downward, and SHIB has not reclaimed any significant resistance levels after breaking out of a multi-month consolidation structure earlier this year.
Bulls Face Uphill Battle
The brief rebound that followed June's selloff is already fading, with the price returning to recent lows. This creates a classic split between fundamentals and technicals. On-chain data is increasingly supportive, with investors maintaining activity and withdrawing tokens, while price action reflects broader market caution. For a meaningful recovery, bulls need to push SHIB back above local moving-average resistance and establish higher highs. Until then, consolidation is the most likely near-term outcome. The positive takeaway for holders is that exchange activity is far more constructive than the price chart suggests, potentially laying the groundwork for a stronger recovery later in the cycle.