1.1 Trillion Shiba Inu (SHIB) Leaves Binance by June, but It's Not Heading Into Stablecoins

u.today 2 h

Exchange

Cryptocurrency exchange Binance published its 43rd Proof of Reserves report, which recorded a major restructuring of users' portfolios. One of the main surprises, however, was the massive reduction in positions in the Shiba Inu ($SHIB) coin.

In just one month, users' $SHIB balances fell by 1.101 trillion coins, from 53.547 trillion in May to 52.445 trillion in June.

Moreover, this process was not a local event on one exchange, but part of a global trend. CryptoQuant confirms that total $SHIB reserves on wallets of all trading platforms worldwide fell below the key mark of 81 trillion and now stand at 79.99 trillion tokens.

*Shiba Inu ($SHIB): Exchange Reserve - All Exchanges, Source:* *CryptoQuant*

However, the most interesting part lies in the details: contrary to standard market logic, investors did not wait out the altcoin decline in defensive assets. USDC stablecoin reserves on Binance collapsed by $1.526 billion, while USDT reserves fell by 1.33%.

Where did the trillions of $SHIB go?

The figures in the report directly indicate that free dollar liquidity and funds from stablecoins were redirected straight into the main cryptocurrencies: users' Bitcoin ($BTC) balances increased by 4.26% (+25,838 $BTC), while Ethereum ($ETH) balances jumped by 10.17% (+382,619 $ETH).

But $SHIB balances declined, and this counter-trend to majors allows for two completely different scenarios:

Bullish case: Large players are using the local decline to accumulate the asset and withdraw it to non-custodial wallets. This reduces potential selling pressure on exchanges and, if demand rises, could accelerate an upward $SHIB price move.
Bearish case: The simultaneous exit from $SHIB and stablecoins points to a cyclical shift in priorities, where market participants are locking in losses in order to build positions in $BTC and $ETH. In this context, lower liquidity on trading platforms could lead to a prolonged flat phase.

Bottom line, we see that the market has temporarily cooled toward altcoin speculation and placed a bet on the stability of the major cryptocurrencies. June on-chain data will clarify the real state of affairs — whether the trillions of coins that left Binance settled in long-term holders' wallets or whether this was simply a basic reduction of Shiba Inu coin positions.