Massive 243B SHIB Exchange Outflow Signals Potential Bullish Reversal
Shiba Inu (SHIB) saw an unprecedented 243.07 billion token outflow from exchanges in 24 hours, marking a significant drop in sell-side pressure. On-chain data show a negative netflow of -238.2 billion SHIB and a 0.28% fall in exchange reserves to 84.56 trillion. Meanwhile, transaction and transfer counts rose by 0.99% and 1%, suggesting active redistribution to self-custody wallets.
Technically, SHIB is consolidating at $0.00001166 within a symmetrical triangle, with support at $0.00001000 and resistance at $0.00001370. The RSI of 38 indicates oversold conditions, setting the stage for a recovery base between $0.00001050 and $0.00001100. A breakout above $0.00001370 could target $0.00001500–$0.00001700. Despite overall market weakness, this large exchange outflow is a bullish signal pointing to reduced immediate supply and potential price reversal.
Bullish
A 243 billion SHIB outflow is historically bullish, as large migrations from exchanges to self-custody wallets reduce immediate sell pressure and signal accumulation by long-term holders. Similar outflows in 2021 preceded SHIB rallies as liquidity dried up on exchanges. The current on-chain metrics, including negative netflow and declining reserves, support a supply shock. Short-term, SHIB may form a base around $0.00001050–$0.00001100 as RSI nears oversold levels. Long-term, sustained reduced exchange balances could trigger a breakout above $0.00001370, targeting $0.00001500–$0.00001700, provided the broader crypto market stabilizes. Traders should watch exchange flows and price patterns for confirmation.