SHIB Exchange Reserves Shrink by 5.53T as Whales Accumulate, Will Ether Spot ETFs Boost Shiba Inu Price?

Shiba Inu (SHIB) stood out from other altcoins last weekend with a slight decoupling from its peers. Entering the new week, SHIB offered relief to investors with a 5% mini rebound rally over the past 24 hours.

Shiba Inu (SHIB) stood out among other altcoins last weekend with a slight decoupling from its peers. Entering the new week, SHIB offered some relief to investors with a 5% mini rebound rally over the past 24 hours.

SHIB’s price action comes as a welcome sight for investors who have been watching the memecoin closely. After failing to reclaim its $0.00002 support levels, SHIB’s price remained heavily correlated with Bitcoin’s (BTC) performance.

The leading digital asset continues to face turbulence due to news of the German government selling off its BTC treasury, putting a damper on the broader crypto market.

On a brighter note, blockchain stats provider Santiment calculated a 5.53T decrease in Shiba Inu’s exchange reserves over the past 30 days.

Major crypto players, also known as whales, tend to use centralized crypto exchanges (CEXs) to sell off their tokens. A drop in large SHIB reserves on crypto exchanges can hint at rising large investor confidence in SHIB.

SHIB to Get Boosted by Ether Spot ETFs?

While Shiba Inu’s exchange reserves are steadily shrinking, on-chain crypto whales are continuing to accumulate in self-custodial wallets.

According to data by Santiment, whales using off-exchange wallets have collectively stockpiled 6.57T Shiba Inu tokens over the past month.

Large investors’ confidence also contributed to a wave of optimism around Shiba Inu’s price direction, with market analysts putting SHIB into the top 10 most promising cryptocurrency list regarding the upcoming Ethereum Spot ETF.

The already-approved Ether exchange-traded fund (ETF) products are massively important to SHIB. The memecoin started as an ERC-20 token on Ethereum’s blockchain before launching its own Shibarium Layer-2 public chain.

The set of Ether Spot ETF products was approved on May 23, 2024, and will be rolled out in the United States. The U.S. Securities and Exchange Commission (SEC) dashed hopes of a July launch by asking the market participants to correct and amend their Ether ETF filings until July 8.

As of press time, SHIB is changing hands at $0.00001669, with a slight upswing of 2% in the latest 24-hour window.

On the Flipside

Shiba Inu’s price still remains far from its all-time high and has yet to show signs of a full-scale bull run.

Why This Matters

Decoupling from altcoin peers during heavy bear markets adds a layer of strength to the cryptocurrency, as sovereign price movement is usually boosted by large holder actions or community initiatives.

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