Shiba Inu Traders Pull Billions Off Exchanges

Shiba Inu ($SHIB) traders pulled more than 204 billion tokens off exchanges in a single day on May 29, even as activity in the futures market weakened sharply, according to data shared by NewsBTC citing Coinglass.

Futures Demand Retreats

The withdrawal marked a 3.6% increase from the prior day's outflow, yet it came alongside a clear pullback in derivatives positioning. Futures outflows hit $5.6 million over the 24-hour period, outpacing inflows of $4.74 million, with the net gap of roughly $865,790 in closed contracts effectively removing 156.56 billion SHIB from the futures market in one session. Open interest, which tracks the total value of active futures positions, fell 6% to over $49 million over the same period, while 24-hour futures trading volume slipped 0.88% to $78.6 million as activity across the derivatives market stayed thin.

The retreat in futures demand aligns with a period of subdued price action. SHIB had not moved more than 2% in either direction over the prior four days, leaving derivative traders with little incentive to hold leveraged positions. The token was trading at around $0.00000553 at the time of writing, showing almost no change on the day.

Spot Activity Offers a Different Picture

While the derivatives side softened, spot market data pointed in a more constructive direction. Spot trading volume climbed 18% in 24 hours to nearly $12 million, and exchange reserves dropped 0.25% to 80.32 trillion SHIB. The exchange netflow remained negative, meaning more tokens left platforms than arrived, a pattern often associated with holders moving assets into self-custody rather than preparing to sell.

Some analysts have pointed to this pattern as a sign the recent downward pressure on prices may be running out of steam. Sustained outflows from exchanges reduce the pool of tokens readily available for sale, which can, over time, ease selling pressure if demand holds steady.

The broader backdrop for $SHIB remains cautious. Derivatives traders have been pulling back from the token for several weeks, with Coinglass data showing open interest has declined considerably from earlier highs this year. Whether the combination of spot accumulation and thinning exchange reserves is enough to shift momentum remains an open question.

Sources
NewsBTC: Shiba Inu Traders Withdraw 204 Billion SHIB Amid Sharp Drop In Futures Activity
Coinglass: Shiba Inu Futures and Spot Data
Crypto.news: SHIB Futures Flow Falls as Traders Pull Back