Shiba Inu Futures Open Interest Drops 8% Amid Bearish Sentim

Shiba Inu futures traders have turned bearish as open interest (OI) fell by over 8% in the past 24 hours, now standing at 10.59 trillion SHIB. This decline follows a shift in market sentiment after a brief price breakout, leading to increased sell pressure and traders closing active positions.

The Shiba Inu trading price has also been affected, dropping 5.28% to $0.000005536. The downturn in both the derivatives and spot markets has resulted in crypto futures liquidations exceeding $503 million, with long traders bearing the brunt of the losses. Despite the broader market’s recent breakout, Shiba Inu’s negative trend persists, reflecting cautious investor sentiment amid ongoing market volatility.