Shiba Inu sees major eight-trillion-token outflow
Shiba Inu’s market structure is rapidly changing as the asset starts regaining what has been lost in the last few months.
- Exchange outflows. More than 8 trillion SHIB exited centralized exchanges in 24 hours, marking one of the largest single-day outflows in months.
More than eight trillion SHIB left centralized exchanges in a 24-hour period, making it one of the biggest single-day exchange outflow events in months.
When that volume of liquidity leaves exchanges, it typically indicates one of two things: either large holders’ strategic repositioning, or accumulation. The first option is much more likely given SHIB’s recent actions.
Nevertheless, rather than continuing to bleed out, the price is stabilizing above local lows, creating a short-term consolidation range. That alone indicates that the negative is being mitigated.
- Bullish sign. Large holders typically move tokens off exchanges to reduce sell-side risk when planning to hold.
When you combine this with the eight trillion SHIB outflow, the story becomes more apparent. In order to lessen sell-side pressure, large holders withdraw liquidity from exchanges when they intend to hold, stake, deploy into DeFi, or just take tokens out of circulation.
XRP forms key support as analyst flags potential rebound
XRP may be headed for a big price resurgence to $2.50, but an analyst suggests it might need to maintain a close above a crucial support level first.
- Price support. XRP has faced the same downward pressure but may be nearing a rebound.
With the crypto market constantly facing repeated pressures, XRP has also had its own share of the negative market trend, but a recent analysis shared by popular crypto analyst Ali Martinez suggests a big rebound could be imminent.
On Tuesday, December 9, Ali shared a chart revealing that XRP has formed clear support above $1.94. Historical movements show that the level has constantly aided a big upward movement.
While XRP has now been spotted sitting in a zone where buyer strength is crucial to aid the next uptrend, the analyst warns that XRP must maintain a close above the $1.94 support level to retain its bullish trajectory.
Ethereum whales accumulate over 800,000 ETH in 30 days
Whales holding at least 10,000 ETH have scooped up more tokens in the last month, buying off over 800,000 ETH in just 30 days.
- Whales awakening. Aggressive accumulation exceeding 800,000 ETH in the past month.
On Wednesday, Dec. 10, popular crypto analyst Ali Martinez had showcased data revealing the aggressive accumulation of more than 800,000 ETH in the last 30 days.
The analyst revealed this, showing charts from crypto analytics firm Santiment that show that Ethereum wallets holding between 10,000 ETH and 100,000 ETH had bought over $2.4 billion worth of Ethereum at an average trading price of $3,105. This signals a notable shift in sentiment, as large Ethereum holders appear to have been preparing for a major price shift.
- Sentiment shift. Activity suggests confidence in an upcoming catalyst despite broader market weakness.
While the price of Ethereum had struggled through a period of downward pressure and volatility amid the broad crypto market downtrend witnessed in previous months, whale holdings appear to have steadily climbed.
Amid prolonged market volatility, ETH prices have hovered around low levels, even dipping as low as $2,600 in the past month. However, whale activity suggests that large investors appear to have massively bought the dip, positioning themselves for what they believe could be an upcoming catalyst.