Shiba Inu OI Turns Mute as Futures Traders Hold Back

The Shiba Inu derivatives market has not seen any noticeable activity over the last day as momentum appears to be fading amid the frequent market volatility.

While Shiba Inu has continued to show mixed price action in recent days, it appears that its futures traders have significantly withdrawn their positions, according to data from CoinGlass, sparking fears about the asset’s price potential.

Shiba Inu open interest retreats to 8 trillion zone

Just last week, Shiba Inu saw its active futures contracts collectively surpassing the 12 trillion level amid rising futures activity as market sentiment was extremely bullish.

While activity across the Shiba Inu spot and futures market appears to have slowed over the last day, the leading meme coin has recorded no increase nor decrease in its open interest over the last 24 hours.

Notably, the data shows that the amount of $SHIB tokens committed in active contracts is sitting at about 8.87 trillion $SHIB, marking a massive drawdown from levels seen last week.

Shiba Inu price flips green

While the Shiba Inu futures traders appear to be silent amid the growing uncertainty surrounding the price of the asset, it appears that Shiba Inu may be seeing shifting sentiment as the broad crypto market flashes recovery signals.

Over the last hour, Shiba Inu has suddenly flipped positive, with its price showing a decent increase of 0.73% over the last 24 hours. With this mild increase, Shiba Inu is trading at $0.000005812 as of writing time, according to data from CoinMarketCap.

While the Shiba Inu derivatives market may be currently muted, the sudden reversal in its price move is expected to drive bullish sentiment across its futures market, propelling its price for a major rebound.