#crypto2023 In a surprising turn of events, the price of the Shiba Inu #token has experienced a remarkable resurgence, soaring by over 8% since its recent collapse just two days ago. The latest on-chain analytics from IntoTheBlock shed light on this intriguing development, revealing a notable shift in the behavior of major SHIB #holders , commonly known as whales.

According to the data, the net flow of Shiba Inu tokens to the wallets of these influential holders has surged by an astonishing 50 billion tokens in the past 48 hours. What sets this surge apart is that it did not occur due to a sudden influx of new tokens into the wallets of these major SHIB holders. Surprisingly, there were no substantial bursts of buying activity accompanying this price rebound.

Instead, there was a noticeable slowdown in the outflow of Shiba Inu tokens from whale addresses. This deceleration effectively mitigated the relatively weak inflows and pushed the net flow into the positive zone. This significant change in behavior suggests that major SHIB holders have opted to scale back their selling activities, possibly indicating a sense of cautious anticipation regarding the future price movements of the #ShibaInu token.

It is worth noting that during the recent market downturn, SHIB managed to hold the $0.000007 per token level. This particular zone has proven to be resilient, acting as a solid support level for SHIB's price. As long as the token remains above this critical threshold, there is perceived potential for further upward movement. And whales are probably realizing this too.#dyor

$SHIB

A recent report by CryptoQuant, a prominent cryptocurrency analysis company, has unveiled a noteworthy trend in the Bitcoin market. Since March 2020, there has been a substantial decrease of 32% in the amount of Bitcoin held on exchanges. The current total stands at approximately 2.1 million Bitcoins, compared to the 3.1 million held on exchanges in March 2020. This decline signifies a growing inclination among Bitcoin holders to withdraw their coins from centralized exchanges, choosing to hold them rather than engage in active trading.

Reduced BTC Availability for Trading:

The data presented in the report further highlights that only 11% of the circulating Bitcoin supply is currently available for trading, marking a significant drop from the 17% recorded in March 2020. This decline suggests that more Bitcoin owners are opting to retain their assets instead of selling or actively trading them. #holders

Contributing Factors:

While factors such as the emergence of decentralized exchanges (DEXs) and the popularity of investment funds like the Grayscale Bitcoin Trust have likely played a role in this shift, the report asserts that they do not entirely account for the majority of the observed trend. The primary driver behind the reduced BTC supply on exchanges seems to be a conscious effort by Bitcoin holders to withdraw their assets from centralized platforms. #tradingstrategy $BTC

Implications for the Cryptocurrency Market:

This evolving behavior of Bitcoin holders could have significant implications for the broader cryptocurrency market. With a reduced supply of BTC on centralized exchanges, the dynamics of trading and price volatility may experience notable shifts in the future. As fewer coins are available for immediate trading, it could result in increased scarcity and potential price appreciation. #exchanges

In Summary:

The CryptoQuant report sheds light on the changing landscape of the Bitcoin market, as more traders prefer to withdraw their assets from centralized exchanges and hold onto their BTC. This intentional withdrawal has led to a considerable decline in the amount of Bitcoin available for trading, which could have noteworthy ramifications for the overall cryptocurrency market. As the market continues to evolve, the dynamics of supply, demand, and price movements will likely be influenced by this shifting trend in Bitcoin holders' behavior. #bitcoin