Things are still looking murky for the popular meme-inspired cryptocurrency, Shiba Inu (SHIB). From one point of view, it's a so-called "nothing burger", where literally nothing happens on SHIB's price chart nor behind the scenes in the world of the chain.

However, a different angle opens up an interesting yet depressing statistic, as the key metric for the Shiba Inu token has seen a 99.28% decline over the past seven days. The metric in question is the "Netflow for Large Owners" that I provided IntoTheBlockwhich tracks the amount of cryptocurrency flowing to wallets that hold at least 0.1% of SHIB's supply in circulation.

A week ago today, the volume reached Shiba Inu The tokens absorbed by the richest investors were literally trillions. Fast forward to December 30, and it hasn't even reached six billion shekels, which translates to just $132,000 in dollars.

What happened?

While the exact reason why whales abandoned the Shiba Inu is unknown, the answer may lie in the tight connection between the cryptocurrency market and traditional finance. With the launch of several Bitcoin and Ethereum ETFs this year, cryptocurrencies are more closely associated with TradFi than ever before.

As a result, when traders close their offices and say goodbye to the holidays, trading volumes in the cryptocurrency market also decrease. Maybe this happened with Gray Also, if this is true, no significant price movement or whale activity is expected at the present time.

When everyone goes back to work, we may see some volatility again, which in turn will be caused by the same whales returning to the market.