Shiba Inu has seen a notable surge in derivative activity over the past 24 hours, reflecting growing trader interest. Open interest in SHIB futures climbed sharply, signaling bullish sentiment among investors. Futures inflows outpaced outflows, indicating more capital moving into SHIB contracts. Despite the positive derivatives activity, spot holders added selling pressure, creating a complex price dynamic.
Shiba Inu Futures Open Interest Climbs
According to Coinglass data, Shiba Inu’s open interest (OI) increased 9.29% over the last 24 hours to $57.33 million, covering 9.08 trillion SHIB tokens. This rise surpasses Monday’s weekly high of $54.22 million and marks the largest OI since March 24, when it reached $59.46 million. OI often reflects bullish sentiment, especially when paired with a net positive in futures flows.
Futures inflows totaled $11.52 million, exceeding outflows of $10.55 million. This net inflow of $973,700 suggests that roughly 159.3 billion SHIB in new futures contracts were created over the period. Such derivative activity usually leads to upward price movements once buying pressure materializes in the market.
Following this surge, Shiba Inu’s price rallied over 4% in 24 hours, reclaiming the $0.0000060 level. The token also moved above its 50-day moving average, signaling momentum shifts to the bullish side. Liquidations also increased, with $103,060 worth of positions closed. Of these, $62,920 were long positions and $40,150 were shorts, reflecting the market’s directional adjustments.
Spot Holders Add Selling Pressure
While futures data signals optimism, spot holders contributed to selling pressure during the price rally. Shiba Inu inflows to exchanges reached $7.89 million, slightly exceeding outflows of $7.37 million. This net inflow of $522,160 suggests holders are moving tokens to platforms where selling is easier.
At the time of writing, Shiba Inu is trading at around $0.000000609, up by 4.43% in the past 24 hours.
Please note, this site provides content for entertainment purposes only and does not offer financial advice. Read more here
