- Within two days, more than 194 billion SHIB tokens were withdrawn from spot exchanges.
- Whales appear to be behind this outflow after the net flow from large holders turned negative.
Shiba Inu [SHIB)] was under bearish pressure after falling 1.17% in 24 hours. The memecoin was trading at $0.0000212, amid a 25% drop in trading volumes at the time of writing.
Despite this underperformance, several metrics support the likelihood of a trend reversal and rally in the near term.
The selling pressure decreases
Data from CryptoQuant shows that 194 billion SHIB tokens were withdrawn from spot exchanges between January 13 and 14.
These drawdowns indicate reduced selling interest, which could result in a weakened downtrend.
Source: CryptoQuant
Most of these withdrawals appear to come from whaling addresses or major SHIB holders. According to data from IntoTheBlock, net flows from large holders have turned negative, from 382 billion SHIB to -178 billion SHIB.
These net flows are approaching a weekly low, indicating that large addresses are holding fewer SHIB tokens on exchanges.
Source: IntoTheBlock
When whales move their tokens from exchanges, it indicates an accumulation phase. These addresses tend to buy when prices are low and sell at the top. Therefore, their accumulation behavior at the current price could indicate that SHIB has bottomed out.
However, easing selling pressure has not benefited SHIB, which continues to show bearish signs.
SHIB’s descending triangle shows a bearish outlook
The one-day chart of Shiba Inu shows persistent bearish trends. The memecoin traded within a descending triangle pattern, which indicated a strong downtrend.
Source: TradingView
The Money Flow Index (MFI) stood at 55 and tilted south, indicating that whale accumulation has not yet been able to offset pressure on the selling side.
A similar bearish outlook can also be seen in the BBTrend indicator, which is red and negative, confirming negative sentiment.
Derivatives data analysis
Data from Mint glass shows a slight increase in Open Interest to $984 million. This increase shows that new positions have been opened on the derivatives market.
However, most of these positions appear to stem from short sellers betting on the memecoin’s price to fall further.
Source: Coinglass
Read Shiba Inu’s [SHIB] Price forecast 2025-26
The inflow of short positions is also visible in the Long/Short Ratio, which has fallen to 0.86. As short traders add to their positions, it signals that overall market sentiment is negative.
