- Large wallet holders of Shiba Inu, Chainlink and Ether across exchange platforms have reduced their holdings since May 27.
- Santiment noted nearly 2.5%, 3% and 8.5% decline in SHIB, LINK and ETH holdings of the top 10 exchange wallets.
- SHIB, LINK and ETHER have added to their value on Friday, seven-day returns are in the negative.
Crypto intelligence tracker Santiment tracks the exchange wallet holdings of different assets. Santiment noted that the top 10 largest exchange wallets have reduced their holdings of Shiba Inu (SHIB), Chainlink (LINK) and Ethereum (ETH) since late May.
Large exchange wallets reduce Shiba Inu, Chainlink and Ethereum holdings
Santiment monitors the holdings of large exchange wallets for different assets to gauge the selling pressure on the token and any impact on price. The tracker identified that since May 27, the top 10 exchange wallets have reduced their SHIB, LINK and ETH holdings.
Santiment noted a 2.4% decrease in SHIB holdings, 2.9% decrease in LINK and 8.6% decline in Ether holdings in the ten largest wallets. In its recent tweet on X, Santiment notes that “decreasing exchange supplies should be considered a good sign for bullish traders.”
Top whale wallet holdings on exchanges.
Data from the on-chain data tracker shows that SHIB supply on exchanges is at its lowest level since March 2021. This is a sign of reduced selling pressure on the asset due to the lesser availability of tokens to sell. The development could positively impact SHIB price.
 [15.17.48, 14 Jun, 2024]-638539692886157880.png)
SHIB supply on exchanges vs. price
Chainlink added 5% to its supply on exchanges since the beginning of 2024. In the past four days, however, LINK supply is down nearly half a million from its local peal of 211.19 million observed on June 11.
 [15.30.34, 14 Jun, 2024]-638539693423111365.png)
LINK supply on exchanges
Ethereum supply on exchanges has reached its highest level in nearly 22 months. Reduction of ETH holdings of exchange wallets tracked by Santiment may therefore not have a significant impact on Ether price.
 [15.36.37, 14 Jun, 2024]-638539693801730002.png)
ETH supply on exchanges
At the time of writing, SHIB, LINK and ETH added between 2% and 3% to their values on Binance, on June 14. Seven-day returns for the three assets remain negative.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.