"Ready to sell as soon as it rises"...Shiba Inu, 67 billion SHIB inflow to exchanges signals selling pressure

▲ Shiba Inu (SHIB)

Shiba Inu (SHIB) recently showed a short-term recovery trend, but CryptoQuant's on-chain exchange data points to growing bearish pressure again. An analysis indicates that over 67 billion SHIB flowed into exchange reserves within a day, suggesting moves to sell or realize profits after the recent rebound.

The Crypto Basic reported on the 9th that Shiba Inu recorded a moderate upward trend across various timeframes, but an increase in exchange inflows could weaken the recovery momentum. According to the original text, Shiba Inu has risen by 9.58% over the past month, 3.12% over the past 7 days, and 2.4% over the past 24 hours.

The key variable is exchange inflows. According to CryptoQuant's latest exchange flow data, investors moved approximately 398.684 billion SHIB to exchanges over the past 24 hours and withdrew approximately 331 billion SHIB during the same period. As a result, there was a net inflow of approximately 67.14 billion SHIB into exchange reserves.

The fact that exchange inflows exceeded outflows was interpreted as a burden on Shiba Inu's price. This is because an increase in the amount of assets held on exchanges also increases the amount available for trading. The Crypto Basic explained that this net inflow is a signal that increases the potential for selling.

Movements by large holders were also detected in trading volume. The average inflow transaction size was approximately 1.17 billion SHIB, significantly exceeding the average outflow size of approximately 507 million SHIB. The original text analyzed that this difference suggests that large holders likely drove a significant portion of exchange deposits during that period.

As of the reporting time, Shiba Inu's total exchange reserves were tallied at 82.31 trillion SHIB. This is an increase of 0.08% over the past 24 hours. Although the increase in exchange reserves is not large, investor caution is growing as selling pressure accumulates after a short-term rebound.

In terms of technical trends, signs of stabilization have also appeared. Shiba Inu began forming higher lows after a prolonged bearish trend last month and is attempting to break above the 50-day exponential moving average, creating an upward structure. Over the past week, Shiba Inu traded between $0.0000061 and $0.0000065, and the price at the time of writing was presented as $0.000006432.

Trading activity also increased. Daily trading volume rose by 6.85% to $120.75 million. The market capitalization was estimated at $3.79 billion, and according to CoinMarketCap, Shiba Inu was introduced as the 28th largest cryptocurrency by market capitalization.

While short-term charts show recovery attempts, increased exchange inflows remain a variable putting pressure on that trend. If Shiba Inu fails to settle above the 50-day exponential moving average, the net inflow of 67 billion SHIB could act as selling pressure, shaking the recent rebound.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*