Santiment, a market intelligence platform, highlighted a notable trend in the holdings of Shiba Inu (SHIB), Chainlink (LINK), and Ethereum (ETH) among the top 10 exchange wallets. Since May 27th, these wallets have shown a marked decrease in their holdings, signaling potential shifts in market dynamics for these cryptos.
The data indicates that the top exchange wallets have seen their SHIB holdings decrease by 2.4%, LINK by 2.9%, and ETH by 8.6%. This reduction is viewed positively by bullish traders, as a lower supply on exchanges can lead to decreased selling pressure.
Santiment’s data on the reduced holdings of SHIB, LINK, and ETH on major exchanges presents a significant shift. The supply held by top exchange addresses for SHIB has decreased to 164.63 trillion tokens; for LINK, it has dropped to 97.84 million tokens, and for ETH, it has reduced to 6.81 million tokens. This trend is generally viewed positively by the market.
The reduced supply on exchanges suggests a move towards long-term holding among large investors. This implies that whales, or large holders, are moving their assets away from exchanges into more secure storage options like hardware wallets, reflecting confidence in the future value of these cryptocurrencies. Such behavior can support price stability and potential appreciation due to reduced immediate selling pressure.
The market implications of these decreasing exchange supplies are significant. The trend can be interpreted as whales anticipating potential price increases, thereby reducing the availability of these assets for trading. This scenario, combined with constant or increasing demand, could lead to price appreciation for these cryptos.
Analysts Predict Shiba Inu (SHIB) Could Surge 10X This Month: ReportElsewhere, per Santiment, the Bitcoin price data for June 12, 2024, provided context with an opening price of $67,761.01, a high price of $69,977.89, a low price of $67,443.55, and a closing price of $68,241.18. Bitcoin’s performance often influences the broader cryptocurrency market sentiment.
During this press, Currently, Chainlink (LINK) is priced at $15.39 with a 24-hour trading volume of $368,239,069.73. LINK has experienced a -1.38% decline in the last 24 hours and a -12.6% decline over the past 7 days, with a market cap of $8,983,742,108. Shiba Inu (SHIB) is priced at $0.00002153 with a 24-hour trading volume of $336,980,560. SHIB has seen a -0.4% decline in the last 24 hours and a -14.5% decline over the past 7 days, with a market cap of $12,726,329,755.
Ethereum (ETH) is priced at $3,520.96 with a 24-hour trading volume of $14,570,296,687. ETH has recorded a 0.5% increase in the last 24 hours but a -7.73% decline over the past 7 days, with a market cap of $422,807,810,483. These figures underscore the broader market conditions under which the reductions in whale holdings for SHIB, LINK, and ETH are occurring. This suggests a cautious yet optimistic outlook among large investors, positioning these cryptocurrencies for potential price increases amid reduced exchange supplies.
