Bears beware: plummeting exchange reserves & a key Derivatives sentiment switch gathers bounce strength for SHIB.
With Shiba Inu coin’s (SHIB) price now hovering around the $0.00000600 demand region, most of excessively-leveraged price plays have been flushed out. With markets seeing a bit of calm after months of bearish storms, the crypto exchange supply continues to plummet in drastic levels.
Shiba Inu Reserves Vanish: What’s The Play Here?
Judging from the latest Crypto Quant on-chain data, it figures that another 140 billion of Shiba Inu coins left the trading platforms over the past three days. This has pushed the metric to an all-time low of 81.1 trillion now collectively kept across all crypto exchanges. To compare, SHIB kicked off last year beyond 150 trillion across digital asset platforms.
For one, this implies that Shiba Inu (SHIB) holders are considering self-custodial crypto wallets as the most popular choice, moving SHIB from exchanges to either cold or hot crypto wallets within DeFi rather than major exchanges. Surely, this also denotes a waning speculative interest in Shiba Inu (SHIB), now being treated as a long-term investment vehicle.
Huge Trend Switch Keeps Shiba Inu Bulls Alive
On the Derivatives side, Shiba Inu’s short-sellers soaked up all the liquidation burdens, accounting for $97.91K out of $100.69K in Shiba Inu price liquidations.
If this abnormality persists, Shiba Inu’s bulls could be in for a push towards $0.00000800, but that highly depends on largest crypto players, otherwise known as whales, keeping the momentum going.
Now, Shiba Inu’s price setup is favorable for this breakthrough. With the Chaikin Money Flow (CMF) flashing 0.15, it seems that the whales are convinced. Both Coinbase & Binance SHIB-related pairs hinted at big-time player interest resurfacing.
On top of that, SHIB’s Bull Bear Power (BBP) scales have flipped bullish – a classic indication of a local bottom. The current $0.00000652 price stands exactly on the top-tier Bollinger Band, a decisive point in the near-term as Bitcoin’s price (BTC) reclaims $70K.
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