125.33 Billion SHIB Withdrawn from BitGo to New Wallet

An unlabeled blockchain address has withdrawn more than 125 billion Shiba Inu from a wallet affiliated with BitGo.

According to Arkham data, 125,334,083,223 (125.33 billion) Shiba Inu tokens, worth $678,060 at the time of the transaction, moved from the BitGo-affiliated address to a newly created wallet.

Arkham data shows that the receiving address had no prior on-chain activity before the transfer, suggesting that the wallet was newly created before receiving the massive SHIB transaction.

The wallet still holds the entire 125.33 billion SHIB in the hours leading up to press time. Although the owner’s identity and intentions remain unknown, moving such a substantial amount of SHIB away from an exchange could suggest an intention to hold the tokens rather than sell them immediately.

However, the transfer alone does not confirm a long-term holding strategy, as the owner could move the tokens to another address or exchange at any time.

The latest transaction stands out because BitGo has recently received several large SHIB transfers that fueled concerns about potential selling activity.

Earlier this month, an early Shiba Inu whale transferred 600 billion SHIB to the exchange. Several days later, another transfer involving 408 billion SHIB also reached BitGo.

Against this backdrop, the latest 125.33 billion SHIB withdrawal represents a reversal of the recent pattern of large SHIB transfers flowing into the exchange.

Meanwhile, the latest withdrawal comes as Shiba Inu records broader exchange outflows.

According to CryptoQuant data, 160.06 billion SHIB left exchanges over the past 24 hours. The figure reflects roughly 425.51 billion SHIB in withdrawals against 269.89 billion SHIB in deposits, resulting in a net outflow of about 160.06 billion SHIB.

Despite these recent withdrawals, exchanges still hold a substantial amount of SHIB. Approximately 87.25 trillion tokens remain on exchanges, representing around 14.8% of the cryptocurrency’s total supply. Consequently, a large amount of SHIB remains potentially available for trading or selling.

Meanwhile, Shiba Inu faces renewed pressure in the cryptocurrency rankings.

SHIB currently ranks 30th by market cap, with a market cap of approximately $3.04 billion. Bittensor (TAO), ranked 31st, has a market cap of about $2.86 billion, leaving only a relatively narrow gap between the two assets.

At press time, SHIB traded at $0.000005167, down 5.74% over the past 24 hours, while TAO has only fallen 2.91% in the same timeframe. Therefore, a continued decline in SHIB’s market value could put its position among the top 30 cryptocurrencies at risk.