Shiba Inu volumes have dropped nearly 50% on the derivatives market over the last 24 hours, as a fresh market twist emerges.
According to CoinGlass data, Shiba Inu derivatives volume fell 48% in the last 24 hours to $141.06 million; however, an interesting twist emerges as open interest has risen in the same time frame.
Open interest indicates the total number of futures or options contracts on the market, often a measure of the amount of money invested in derivatives at any given time.
As several cryptocurrencies saw a drop in open interest over the last 24 hours, Shiba Inu open interest rose nearly 3% to $110.43 million, indicating that traders are making bets on the dog cryptocurrency.
At press time, SHIB was down 1.27% in the last 24 hours to $0.000008451 and down 2.6% weekly.
Fresh market twist emerges
Cryptocurrencies fell after a key crypto market structure bill stalled in the U.S. Senate, dampening sentiment after a recent rally.
More than $240 million were liquidated across the crypto markets over the past day, according to CoinGlass, with long positions accounting for about $180 million of this figure.
Trading volumes have mostly dipped across spot and derivatives markets; Shiba Inu’s trading volume on spot exchanges has dropped 46.42% in the last 24 hours to $93.15 million, according to CoinMarketCap data.
Despite the drop in activity, some analysts suggest the market is pausing rather than reversing. Given low activity on the markets, traders may be taking a pause to assess the market’s next move.
Meanwhile, market sentiment has softened. The Crypto Fear & Greed Index returned to the neutral zone, now at 50 after briefly entering the “greed” earlier this week.
Beyond cryptocurrencies, broader markets sent mixed signals, with stocks rebounding as jobless claims came in below expectations.
It is quiet for now on the economic data front, but investors are looking to the week ahead when the personal consumption expenditures index, the Fed’s preferred inflation gauge, will be released and offer fresh insights into the economy.
Source: https://u.today/shiba-inu-derivatives-volume-crashes-49-bearish-or-bullish-signal
