Shiba Inu Futures Open Interest Jumps 16% as Traders Rebuild Positions Near $0.000006
Shiba Inu (SHIB) futures open interest rose about 16% in 24 hours to ~11.21 trillion SHIB (≈ $69M), signalling renewed derivatives activity and cautious trader re-engagement. Gate led the increase with 41.64% (≈4.77T SHIB, $28.8M), followed by Bitget (13.6%, ≈$9.4M), OKX (11.21%, ≈$7.8M) and LBank (1.28%). Price swung between $0.0000064 and $0.000005971, holding above the pivot $0.000005967; latest quotes ranged around $0.00000603–$0.00000634 (+0.5–1.8% 24h across reports). Spot trading volume fell sharply (~47% to $180.5M), which may limit immediate momentum despite higher open interest. On-chain exchange flows showed over 700 billion SHIB moved in 24–48 hours, with net outflows exceeding inflows — indicating many holders withdrew tokens to private wallets and easing selling pressure. Overall, leverage use appears more measured than in prior speculative spikes. Key takeaways for traders: rising futures open interest suggests rebuilding directional exposure and potential for upside if fresh buying returns, but lower spot volume and cautious leverage point to selective positioning and limited near-term momentum unless broader market volatility picks up.
Bullish
The net effect is mildly bullish for SHIB. Rising futures open interest (+16%) indicates traders are rebuilding directional exposure and expecting potential price movement. Large contributions from Gate, Bitget and OKX show concentrated derivatives activity, which can amplify rallies if fresh buys arrive. Net exchange outflows (over 700B SHIB moved off exchanges) reduce immediate sell-side liquidity and ease selling pressure. However, the sharp drop in spot trading volume (~47%) and apparently measured leverage caution temper near-term momentum; without renewed spot buying or broader market volatility, gains may be limited. Short-term impact: potential for controlled rallies or volatility spikes if buyers step in; risk of stagnation if volume remains low. Long-term impact: if open interest growth continues alongside sustained outflows and rising spot volume, that would support a stronger bullish thesis. For traders, the setup favors selective long exposure with tight risk management — watch spot volume, funding rates and exchange inflows/outflows for confirmation.