u.today 
Shiba Inu is still struggling on the price chart, but on-chain data suggests that investors may be quietly accumulating the asset despite the broader market weakness. One of the most notable developments is the emergence of strongly positive exchange netflows, with more than 50 billion $SHIB effectively leaving exchanges over the last 24 hours.
According to recent metrics, exchange inflows reached roughly 205.6 billion $SHIB, while exchange outflows climbed to approximately 256.5 billion $SHIB.
This creates a netflow of around -50.8 billion $SHIB, meaning significantly more tokens were withdrawn from exchanges than deposited. In crypto markets, persistent negative netflows are generally considered bullish because they indicate investors are moving assets into private wallets rather than preparing them for sale.
Source: Cryptoquant
The significance of this trend becomes even more apparent when looking at other on-chain indicators. Active addresses increased by about 1% over the same period, while both active sending and receiving addresses also posted gains. This suggests that network participation remains stable despite $SHIB's recent decline. In many bearish environments, activity tends to collapse alongside price. That has not happened here.
Exchange reserves also continue to trend lower. The total amount of $SHIB held on exchanges fell again during the latest reporting period. Lower reserves reduce the immediately available supply that can be sold on the market, creating conditions that can eventually support a stronger recovery if demand begins to return.
Market isn't yet working out
However, the price chart remains a challenge for bulls. $SHIB recently broke down from a rising wedge structure that had been developing for months. The breakdown triggered heavy selling pressure and pushed the asset well below its major moving averages. While a short-term rebound emerged after the selloff, $SHIB still trades beneath key resistance levels.
This creates an interesting divergence. Technical indicators remain bearish, but on-chain data is becoming increasingly constructive. The market is effectively seeing accumulation behavior while price action continues reflecting fear and uncertainty.
For now, netflows appear to be telling a different story than the chart. If exchange outflows continue exceeding inflows by tens of billions of $SHIB per day, the current correction may be laying the foundation for a stronger recovery phase once broader market sentiment improves. The bulls have not won the battle yet, but they are clearly becoming more active beneath the surface.
