Upbit Rebalances 864B SHIB In Internal Wallet Move
South Korean exchange Upbit has reorganized 864 billion SHIB between internal wallet addresses, creating a large on-chain movement that looks significant at first glance but appears to be a wallet rebalancing rather than an exchange selloff.
The validated notes show 384 billion SHIB moving from Upbit hot wallet address 0x769 to related platform addresses through four transfers of 96 billion SHIB each. Another 480 billion SHIB moved from Upbitโs SHIB wallet back to the same hot wallet.
The total value was roughly $4 million, and the movement followed a 36% SHIB rally.
That timing explains why traders noticed it. But large exchange wallet movements are not automatically dumps, liquidations, or customer withdrawals. Exchanges regularly rebalance hot and cold wallets as part of normal operations.
For more details, visit the official Arkhamintelligence platform.
TL;DR
- Upbit moved 864 billion SHIB between internal exchange wallets.
- The transfers involved 384 billion SHIB outbound and 480 billion SHIB inbound.
- The movement should be framed as wallet rebalancing, not exchange selling.
Why Exchange Wallet Moves Get Misread
On-chain transparency is useful, but it can also create confusion.
โฆ Continue reading the full article at the original source below.
