SushiSwap has seen a rise in network activity between June 1 and June 5. Daily trading volume increased from around $5 million to nearly $39 million, while active addresses rose to a six-month high of 491, far above the earlier average of about 150.
At the same time, SUSHI price briefly moved up to $0.246 before falling back to around $0.206. The move looked like a failed breakout on the surface, as buying momentum faded quickly after the short rally.
Why are exchange outflows important in this move?
Despite the price rejection, on-chain data shows strong token movement away from Binance during the same period. The exchange recorded two large outflow events, with 2.77 million SUSHI leaving on June 3 and another 2.61 million on June 4.
This pattern is usually not seen during typical retail-driven rallies. In most short-term pumps, traders move tokens onto exchanges to sell. In this case, the opposite happened, with more tokens being withdrawn while activity was increasing.
Net flows also stayed negative at around -170,000 SUSHI over a seven-day average, suggesting steady outflows rather than short spikes.
What does this say about market behaviour?
The mix of rising activity and exchange withdrawals often shows that larger holders are accumulating rather than selling into strength. It can also suggest that tokens are moving into private wallets for longer-term holding instead of being prepared for immediate trading.
Similar patterns have been seen in other mid-cap tokens during early recovery phases, where price action lags behind on-chain flows. In those cases, accumulation periods often appear during weak or sideways price movement before stronger trends develop later.
However, this does not guarantee a long-term move. It may also show short-term rotation between exchanges and wallets. Still, the divergence between price rejection and strong outflows shows that underlying demand may be stronger than the chart alone suggests.
Meanwhile, Binance recorded its largest retail inflow since November 2025. On June 1, total 30-day inflows reached about $9.2 billion, the highest level in more than six months.
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