Despite attempts at recovery, Shiba Inu (SHIB) continues to face intense bearish pressure, as data reveals a staggering 450 billion token outflow from exchanges alongside a record 144% decline in 24-hour futures flows. On-chain metrics show that while 347 billion SHIB entered exchanges, a much larger 457 billion were withdrawn, leading to a net outflow of approximately 110 billion tokens. This exodus is often interpreted as a bullish move to self-custody, yet in SHIB's case, it coincides with a severe price breakdown below the $0.0000050 support level, with the asset trading under all major moving averages and an RSI dipping to an oversold 24.
Futures market activity further underscores the pessimism, as the net change in flows plummeted by over 140%, resulting in a net futures outflow of roughly -$2.38 million in a single day. Spot markets also remain under duress, with more than $826,000 exiting over the past 24 hours and over $2.2 million in three days. The combination of spot and derivatives selling suggests that leveraged traders are aggressively reducing exposure rather than positioning for a rebound.
Technical indicators firmly favor the bears as SHIB continues to print lower highs and lower lows. While extreme oversold conditions can occasionally spark sharp countertrend rallies, the prevailing sentiment remains guarded. For now, the SHIB market is dominated by negative flows, diminishing buying interest, and a breakdown of key structural supports.
