Top 10 wallets reduce Shiba Inu, Chainlink and Ethereum holdings on exchanges
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
