💥 Shiba Inu Futures Traders Turn Bearish as Open Interest Drops 8%

Shiba Inu's open interest has decreased by over 8% in the past 24 hours, driven by a sudden shift in investor sentiment as the market turned bearish after a brief price breakout.
As momentum continues to weaken, the sharp decline in SHIB trading prices earlier today has also extended to its derivatives market, with more futures traders closing active positions.
Consequently, approximately 10.59 trillion SHIB tokens were added to its futures market during this period, marking a significant decline compared to recent levels and increasing selling pressure.
🔸 Shiba Inu Price Turns Negative
Despite recent breakthroughs across the broader crypto market, Shiba Inu's price has suddenly turned negative, with a notable drop over the past day.
It is worth noting that the negative trend observed in the SHIB derivatives market has extended to its trading prices, which have fallen 5.28% over the past 24 hours. According to CoinMarketCap, as of writing, the asset's trading price is $0.000005536.
Due to this substantial price decline, over $503 million worth of crypto futures bets were liquidated in the past 24 hours. This represents a massive 84% increase during this period, with approximately $362 million lost by long traders who had opened positions expecting further price increases.
Nonetheless, Coinbase traders showed the least interest, as the looming U.S. tensions seem to have further cooled their optimism amid the broad market downturn.