Upbit Rebalances 864B SHIB in Routine Wallet Reorganization
South Korean exchange Upbit moved 864 billion SHIB in an internal wallet rebalancing, sparking concerns of an exchange selloff.
The large transfer, worth around $4 million at the time, followed a 36% rally in the meme coin's price. However, upon closer inspection, it appears to be a routine housekeeping operation rather than a sign of selling pressure.
According to on-chain data, Upbit moved 384 billion SHIB from its hot wallet address to related platform addresses through four transfers of 96 billion SHIB each. At the same time, 480 billion SHIB were moved back to the same hot wallet.
The exchange's internal reorganization does not necessarily change market supply, and traders should be cautious when interpreting large exchange wallet movements without proper labeling and context.