Shiba Inu (SHIB) is experiencing a significant tightening of its available supply as large holders, or 'whales,' have orchestrated massive withdrawals from centralized exchanges. According to on-chain analysis from TKResearch Trading, SHIB has recorded persistent net outflows from exchanges since December 5, 2025. Over this period, approximately 80 trillion tokens have been moved off trading platforms.
The data shows a dramatic decline in exchange-held SHIB, with balances falling from about 370.3 trillion tokens to nearly 290.3 trillion. This represents a reduction of roughly 23.91% over the past 180 days. A notable portion of these outflows originated from Coinbase, with accumulation activity centered around the $0.0000085 price level.
The withdrawals have fundamentally reshaped the token's liquidity landscape. Of SHIB's total circulating supply of 589.24 trillion tokens, only about 290.4 trillion—less than half—now remain readily available for trading on centralized exchanges. TKResearch emphasized that this has "significantly reduced sell-side liquidity," with one week's worth of liquidity evaporating in just days.
Analysis of wallet distribution reveals increasing concentration among large holders. The top 100 wallets now control 57% of the total supply, equivalent to roughly 831.8 trillion SHIB, marking a 15.11% increase over the past six months. Furthermore, holdings classified as 'smart money' grew by 68.27% to 10.01 billion SHIB, while whale wallets expanded their balances by a staggering 428% to 1.3 billion tokens over the same period.
This accumulation pattern, driven significantly by newly created wallets which withdrew around 82.04 trillion SHIB in the last 60 days, points to structured, long-term positioning rather than random retail activity. Analysts interpret the moves as a sign of confidence from large players, potentially in anticipation of a market rebound. However, they also warn of increased risks. The sharp contraction in available liquidity means SHIB's price could become more volatile, with price responses to shifts in demand becoming sharper and more exaggerated.
At the time of reporting, SHIB's price showed relative stability, trading around $0.00000840 to $0.00000860. Analysts attribute this steadiness to the reduced immediate sell-side pressure from the whale withdrawals. Nonetheless, the underlying dynamic creates a market environment where any sudden reversal in flows or sentiment could trigger significant price swings due to the now-thin order books.
