A substantial change in exchange flows has been revealed by the most recent on-chain data of Shiba Inu, with between 112 and 125 billion $SHIBdeparting exchanges in a 24-hour period. One of the more positive signals observed recently is this net outflow, which implies that holders are removing assets from exchanges rather than getting ready to sell.

At 81 trillion $SHIB, exchange reserves are currently slightly lower than they were a day ago. That figure appears enormous at first and raises questions about ongoing sell-side pressure. The size of the reserve actually requires context. Trillion-level numbers are typical because $SHIBis designed to have a very large circulating supply.

Reserves usage matters

Direction, not absolute value, is more important. Even a slight decline in reserve means that there is less inventory available for quick sale. This understanding is supported by the netflow metric. Strongly negative netflows, which are usually linked to accumulation behavior or, at the very least, decreased selling intent, indicate that more tokens are leaving exchanges than entering them.

This corresponds with the slight increase in sending wallets and active addresses, both of which are on the rise. It indicates that network participation is stabilizing rather than declining, even though it is not explosive.

$SHIB's establishment attempt

$SHIBis trying to establish a base on the price chart. The asset has developed a small ascending support structure following a protracted decline characterized by regular lower highs. The price is still below all significant moving averages and is compressing slightly below short-term resistance.

The local structure is no longer violently disintegrating, but the macro trend remains bearish. This stage of transition is underway. The market has not yet confirmed a reversal, but it is moving from distribution to possible accumulation.

$SHIBmust break above the next resistance levels and recover at least the short-term moving averages with volume in order for that to occur.

By itself, the 81 trillion reserve is not a serious issue. It only turns negative if it begins to rise steadily in tandem with price weakness. At the moment, the opposite is taking place.

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