On-chain data showed centralized exchanges (CEXs) shed about 80 trillion SHIB between December 5, 2025, and early 2026, reducing tracked balances from 370.3 trillion to 290.3 trillion tokens. The movement, highlighted by TKResearch Trading, drew attention to the amount of SHIB being moved away from trading platforms by large holders.
Specific wallets reportedly withdrew about 82 trillion SHIB from platforms including Coinbase at around $0.0000085 per token. That represented roughly 28% of exchange-held SHIB at the time. However, exchange withdrawals do not automatically confirm accumulation or indicate that the tokens will remain outside the market.
Separate whale transactions added to the activity. One group of wallets reportedly withdrew 53.59 billion SHIB from Coinbase on December 15, 2025, while another series of six transactions moved about 169 billion SHIB in early December.
🚨Big Players Control Supply: $SHIB Exchange Liquidity Nearly Locked
📊 $SHIB Supply Breakdown
🔸Circulating Supply: 589.24T $SHIB (Coinmarketcap)
🔸Supply on Exchange: 290.4T $SHIB
⇒ Net Circulating Supply (excluding exchanges): 289T SHIBDiscover more below 👇 pic.twitter.com/kTtAnDjOmI
— TKResearch Trading (@TKR_Trading) January 12, 2026
Liquidity alone has not increased SHIB’s price
The large withdrawals did not immediately produce a sustained SHIB rally. Although fewer tokens held on exchanges can reduce the supply immediately available for trading, price direction still depends on demand, market conditions and the willingness of holders to sell.
That distinction matters for interpreting whale movements. A transfer from an exchange to a private wallet can represent long-term custody, but it can also be part of a wallet-management strategy. Similarly, a large transfer to an exchange does not guarantee that a holder will sell.
SHIB has therefore continued to trade amid competing signals. While some large holders have reduced their exchange exposure, other wallets have continued moving tokens toward exchange-linked addresses.
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SHIB exchange balances fall further as whale signals diverge
The original 80 trillion SHIB decline has since been followed by an even larger reduction in tracked exchange balances. On September 27, 2026, reported exchange reserves stood at about 87.79 trillion SHIB, according to CryptoQuant data cited in recent market reports. That is substantially below the 290.3 trillion level recorded after the original December-to-January withdrawal period.
Recent flows, however, show why declining reserves should not automatically be interpreted as bullish. On September 12, about 461.4 billion SHIB left monitored exchanges against approximately 229 billion entering, producing a net outflow of around 232.4 billion SHIB. Exchange reserves were then about 86.97 trillion.
By September 27, the outlook had shifted. More than 75 billion SHIB moved onto exchanges over the preceding 24 hours, pushing reserves toward 88 trillion. SHIB also closed that day at approximately $0.000005898, down 0.54%.
Other September data similarly showed conflicting signals, with some periods recording stronger exchange inflows than outflows.
Recent reports also indicate $2.4 billion in BTC and ETH moved to Binance, highlighting that whale activity across the market remains mixed.
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