SHIB futures open interest plunges 26% as price dips
Shiba Inu (SHIB) futures open interest dropped about 26% from 12T SHIB to ~8.87T SHIB as SHIB price slid 2.18% to around $0.00000577 over the past 24 hours.
CoinGlass data shows SHIB futures trading has cooled after last week’s surge. The 24-hour open interest change is effectively flat, implying traders are not adding new leverage and are more likely holding or unwinding risk.
For traders, the combination of falling SHIB futures open interest and a red price move points to consolidation near key levels rather than an immediate breakout. If SHIB open interest stabilizes or rises while price holds, conviction could return. If SHIB open interest continues to fall as price weakens, downside pressure becomes more likely.
Bearish
The latest data adds a clearer sequence: after a prior surge, SHIB futures have cooled and open interest has fallen sharply (about 26%), while SHIB spot also declined. Even though the 24-hour open interest change is flat, the level drop suggests that earlier leveraged positioning was reduced via closures or liquidations.
Short term, this setup typically limits upside momentum and keeps traders in a risk-off mood, favoring range/consolidation. However, the article’s conditional view matters: if SHIB open interest continues to drift lower while price remains weak, downside pressure can build.
Longer term, any recovery would likely require SHIB open interest to stabilize or rise alongside price, signaling renewed conviction and leverage returning. Until then, the derivatives tape remains a headwind for bulls.