Shiba Inu Futures Traders Turn Bearish as OI Falls 8%

Shiba Inu’s open interest has dropped by over 8% in the last 24 hours following a sudden shift in investor sentiment that saw the market flip bearish after a brief price breakout.

As momentum continues to weaken, the sharp decline witnessed in the SHIB trading price earlier today has extended to its derivatives market, with futures traders increasingly closing active positions.

On Saturday, Feb. 28, data from CoinGlass showed a notable decline of 8.59% in the Shiba Inu open interest over the last 24 hours.

As such, about 10.59 trillion SHIB tokens have been committed to its futures market over the period, marking a significant downturn from recent levels as sell pressure mounts.

Shiba Inu price flips negative

Despite the recent breakout seen across the broad crypto market, Shiba Inu has suddenly flipped negative, with its price showing a notable decline over the last day.

Notably, the negative trend seen in the SHIB derivatives market has extended to its trading price, which has declined by 5.28% over the last 24 hours. The asset is trading at $0.000005536 as of writing time, according to data from CoinMarketCap.

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With such a big price decline, crypto futures bets worth over $503 million have been liquidated in the last 24 hours. This marks a massive 84% increase over the period, with about $362 million of it being suffered by long traders who opened positions in anticipation of further price increases.

Nonetheless, Coinbase traders showed the least interest as the looming U.S. tensions appear to have further cooled their optimism amid the broad market downturn. Only 15.46 million SHIB have been staked on the Shiba Inu futures market on Coinbase.