Shiba Inu's exchange netflow has cratered by 97%, but the remaining flow is overwhelmingly bearish. Data shows over 226 billion SHIB tokens are currently in positive netflow — meaning more coins are entering exchanges than leaving. That's a massive supply overhang that could pressure prices.
The 97% drop
Exchange netflow measures the difference between tokens sent to exchanges and those withdrawn. A decline of 97% suggests that the usual churn has nearly stopped. But the net figure remains positive, so the small amount still moving is almost entirely inbound. Traders typically see rising exchange balances as a sign holders are preparing to sell.
The bearish signal
With 226 billion SHIB in positive netflow, the metric is extremely bearish. That's roughly 0.4% of the circulating supply — a meaningful chunk when liquidity is thin. The last time netflow was this skewed, SHIB prices dropped sharply. No one is taking tokens off exchanges; they're only depositing them.
For SHIB investors, the data points to selling pressure building. Exchange inflows often precede price declines, especially when the broader crypto market is uncertain. The 97% drop in netflow doesn't signal relief — it signals that the small amount of activity left is all bearish. Without a catalyst to reverse the trend, the 226 billion SHIB sitting on exchanges could weigh on any rally attempt.
Market participants will be watching whether the netflow turns negative — meaning withdrawals exceed deposits — as a first sign of accumulation. Until then, the data offers little comfort for bulls.
