Whales are bullish for the Ethereum and Shiba Inu prices. Data shows that the largest exchange wallets for ETH and SHIB have seen significant withdrawals recently.
That is definitely a bullish sign, analysts say.
For example, the on-chain analytics firm Santiment claims that the top 10 exchange wallets on the SHIB and ETH networks have recently seen their supplies go down.
Ethereum whale wallets have declined by a whopping 8.6%, while Shiba Inu wallets on crypto exchanges have lost about 2.4% of their value.
Those wallets are the biggest currently attached to centralized exchanges. It's fair to suggest that the wallets belong to the so called whales. Simply put, the largest investors on the market. And of course, these wallets are the most influential. Audience keeps focus on them. So any moves, even the slightest ones, can lead to a significant change in the market sentiments.
Taking of crypto from exchanges is a clear bullish sign. You keep your crypto on exchanges if you are planning to sell. Or at least you are ready to sell any moment. Long-term holders prefer holding assets on their self-custodial wallets.
Once coins go off the exchanges it means sell supply of the token is going down. That's a bullish sign too.
So Ethereum and Shiba Inu largest holders are not planning to sell in the near future. That means they are optimistic and, sorry for using the term too much, they are bullish.