Shiba Inu (SHIB) has registered a -34.8 trillion SHIB exchange netflow, marking one of the largest one-day exchange outflows in 2025. Such negative netflows are typically interpreted as a bullish on-chain signal, suggesting a reduction in liquid supply and possible accumulation by long-term holders.
This sharp drop in exchange-held tokens arrives during a period of price stagnation, with SHIB currently trading near $0.000014. Though price action remains muted, the magnitude of the outflow suggests strategic repositioning, likely from entities seeking to hold rather than trade.
SHIB’s price has shown little immediate reaction to the outflow, holding tightly within a descending triangle on the 4-hour chart. Resistance at $0.0000147 remains intact, while support at $0.0000140 continues to serve as a base.
Technically, the setup signals impending volatility. But the lack of upward breakout despite the outflows raises one key question: Where is the demand?
Shiba Inu Active Addresses Collapse to All-Time Lows
The answer may lie in retail behavior. Data from IntoTheBlock shows that SHIB’s active address count has collapsed to near-zero levels, reflecting a complete absence of retail participation. This structural decline has persisted throughout 2024 and into early 2025.
Historically, SHIB rallies have coincided with retail-driven spikes in active addresses. The current flatlining suggests that even with supply leaving exchanges, retail isn’t returning yet. this is a crucial factor if price is to follow.
The futures market reinforces this cautious tone. SHIB’s open interest remains subdued, while the OI-weighted funding rate shows a mostly neutral to mildly negative bias over the past two weeks.
Funding rates flipped negative multiple times in April and early May, implying that short positions slightly outweighed longs. However, the recent stabilization near zero indicates that leverage is minimal and sentiment is balanced, neither overtly bearish nor bullish.
This lack of directional conviction in the derivatives market is common during accumulation zones, when large players establish positions without triggering major volatility.
No Signs of FOMO — And That’s the Point
What makes the current environment unique is the absence of hype. SHIB Exchange balances are falling, futures funding is neutral, transaction activity is low, active addresses are dormant.
Notably, this combination historically marks the late-stage of a consolidation range, often followed by a breakout once a demand catalyst appears—such as macro recovery, ecosystem updates, or meme coin market rotation.
Above all, whether SHIB follows that pattern depends on whether sidelined capital chooses to re-enter the meme coin space.
