A major on-chain shift is drawing the attention of Shiba Inu traders: roughly 148.7 billion SHIB tokens have left crypto exchanges over the past day, producing one of the largest negative netflow readings in recent months. While the meme coin remains stuck in a broader downtrend, the data suggests that selling pressure may finally be easing after a prolonged period of decline.
Exchange outflows signal holder confidence
On-chain analytics show that SHIB's exchange netflow currently stands at -148.7 billion tokens. Negative netflows typically indicate that more tokens are being withdrawn from trading platforms than deposited, reducing the supply available for immediate sale. Although a single day of outflows does not guarantee a trend reversal, it often reflects growing holder confidence and a shift toward accumulation rather than distribution.
The timing is particularly noteworthy because SHIB has been under severe pressure for most of the year. Over the past 12 months, the token has lost nearly 69% of its value, and it is down more than 40% year-to-date. Many speculative traders have exited, leaving activity levels relatively subdued.
Technical picture shows weakening sellers
The technical setup reinforces the cautious optimism. SHIB recently broke down from a rising wedge pattern on the daily chart, which initially looked bearish. However, the subsequent selling momentum has been surprisingly weak. Volume continues to decline, and each new push lower sees less seller participation. In other words, the downtrend is becoming increasingly hollow — a feature often seen near market bottoms.
Major reversals rarely start during panic selling. Instead, they tend to emerge after extended periods of exhaustion, when most sellers have already distributed their holdings and new negative catalysts are scarce. SHIB is now trading near historically significant support levels, while its Relative Strength Index (RSI) lingers in oversold territory. Although buyers have not yet pushed prices above key short- or medium-term moving averages, the lack of strong selling pressure is becoming more apparent.
The exchange flow data adds another layer to the narrative. Alongside the 148.7 billion SHIB net outflow, exchange reserves continue to decline, indicating that some investors are moving tokens into self-custody rather than preparing them for sale. Technically, SHIB remains bearish for now, but the combination of falling exchange supply, waning sell-side momentum, and an increasingly exhausted downtrend could set the stage for the first significant bullish reversal signal in months.