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Large institutional investors may've begun using the prolonged market downturn to aggressively accumulate Shiba Inu (SHIB). A mysterious new whale has officially appeared on the radar after withdrawing 162.43 billion SHIB, worth approximately $672,476, from the institutional custody service Coinbase Prime in a single transaction, according to Arkham.
All of the tokens landed in a completely new address with no previous transaction history or known network connections, a clear marker of the emergence of a new major holder.
Since Coinbase Prime is designed specifically for hedge funds, corporations, and professional asset managers, such a transfer to an empty wallet is unlikely to be accidental.
Is smart money quietly accumulating Shiba Inu coin at the bottom?
SHIB's current local rebound of 1.46% is primarily following the broader market, where Bitcoin and other major altcoins are attempting to recover from a prolonged decline.
Against this backdrop, SHIB has found strong support near $0.0000042, while the mysterious wallet's activity coincided perfectly with the moment the broader market turned green and billions of tokens disappeared from exchange accounts.
Fresh on-chain data from CryptoQuant shows that this whale's move is part of a broader trend of large players withdrawing tokens while using the market rebound to establish positions:
- Exchange Netflow: Net inflows to exchanges fell by 1.07% over the past 24 hours.
- Exchange Reserve: The total amount of available tokens on trading platforms declined to 86.34 trillion SHIB.
Seven-day charts clearly confirm that the available supply of SHIB on exchanges has been steadily shrinking while the broader sector attempts to reverse higher.
When a new institutional player accumulates hundreds of billions of tokens near the lows and immediately transfers them to independent cold storage, it reinforces the broader market trend and removes additional selling pressure.
If the current support zone holds, this quiet accumulation could place SHIB at the forefront of a broader market reversal.
Dan Burgin
U.Today Editorial Team
