Top Crypto Exchange Wallets Reduce Holdings in Shiba Inu, Chainlink, and Ethereum
Large wallet holders of Shiba Inu, Chainlink, and Ethereum across exchange platforms have significantly reduced their holdings since May 27, according to data from Santiment. The crypto intelligence tracker reported nearly 2.5% decline in SHIB, 3% decline in LINK, and 8.5% drop in ETH holdings among the top 10 exchange wallets.
Santiment's analysis revealed a 2.4% decrease in SHIB holdings, a 2.9% decrease in LINK, and an 8.6% drop in Ether holdings in the ten largest wallets. The reduction in exchange supplies is seen as a bullish sign for traders, indicating less selling pressure.
SHIB Supply at Lowest Level Since March 2021
On-chain data shows SHIB supply on exchanges is at its lowest level since March 2021. This reduction in available tokens is a positive indicator for the asset, potentially leading to price stabilization or appreciation.
Chainlink Supply Shows Fluctuations
Chainlink has added 5% to its supply on exchanges since the beginning of 2024. However, in the past four days, LINK supply has decreased by nearly half a million tokens, down from a local peak of 211.19 million on June 11.
Ethereum Supply High Despite Wallet Reduction
Despite a notable reduction of ETH holdings in exchange wallets tracked by Santiment, the Ethereum supply on exchanges has reached its highest level in nearly 22 months. This suggests that the decrease in wallet holdings may not have a significant impact on the price of Ether.
Market Performance and Short-Term Trends
As of June 14, SHIB, LINK, and ETH added between 2% and 3% to their values on Binance. However, the seven-day returns for these assets remain in the negative territory. The current market trends suggest a cautious yet optimistic outlook for the crypto market.
This shift in holdings among the top 10 exchange wallets could potentially signal strategic moves by large holders to mitigate risks or capitalize on future gains. Investors and traders should closely monitor these trends for better-informed decisions.
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Note: The information provided in this article is for educational and informational purposes only. Always perform due diligence before making any financial decisions.
