Onchain data shows a shift in Shiba Inu activity: netflow has exited the bullish zone, with 69 billion SHIB tokens moved out of exchanges over a recent period. The movement suggests growing selling pressure, even though the token's price hasn't yet followed the expected downward trend.
What the netflow data shows
Netflow measures the difference between tokens entering and leaving exchange wallets. When netflow turns negative — more tokens leaving than arriving — it often signals that holders are moving coins to private wallets, which can indicate accumulation. But in this case, the outflow is being interpreted as preparation for selling. Traders are rapidly moving tokens out of exchanges, and onchain activity points to rising selling pressure again.
Price disconnect
Despite the bearish netflow signal, Shiba Inu's price has not yet reacted with a clear decline. The data shows a disconnect between onchain movement and market price. Typically, a large outflow of tokens from exchanges would precede a price drop, but so far the token has held its ground. This could mean the selling hasn't fully hit the order books, or that other factors are propping up demand.
What traders are watching
The 69 billion SHIB figure is significant — it represents a sizable portion of the token's circulating supply. If those tokens are indeed headed for sale, the market could see increased downward pressure in the coming days. Traders are now watching exchange inflows closely. A spike in deposits would confirm that the outflows were a precursor to selling, rather than a move to cold storage.
For now, the onchain data has flipped from bullish to neutral or bearish, leaving the next move uncertain. The key question is whether the price will eventually catch up to the signal, or if other market forces will absorb the selling.
