$62,000,000 in Shiba Inu Futures Positions Remain Open as Traders Face Fresh Liquidations

Shiba Inu traders are holding more than $62 million in open futures positions, even as overall derivatives activity remains relatively subdued.

According to CoinGlass data, Shiba Inu’s open interest stood at $62.25 million, while its 24-hour futures volume reached $54.42 million.

As a result, open interest has moved above daily futures turnover, indicating that traders are maintaining a significant amount of leveraged exposure rather than actively rotating those positions through the market. 

Futures Trading Dominates SHIB Spot Activity

Meanwhile, the derivatives market currently accounts for much of Shiba Inu’s trading activity.

Notably, Shiba Inu recorded approximately $54.25 million in 24-hour futures volume, compared with roughly $19.99 million in spot volume. Therefore, futures trading was about 2.7 times higher than spot activity.

Despite the derivatives-heavy market, SHIB has posted a modest gain. The token climbed 3.99% over the past 24 hours to $0.000005040 at press time. Shiba Inu’s market valuation also increased by the same percentage to approximately $2.96 billion, with SHIB currently ranked as the 29th-biggest crypto in the world. 

Long Traders Account for Most SHIB Liquidations

However, the recent recovery has not prevented leveraged traders, particularly those betting on higher prices, from taking losses.

According to data from CoinGlass, a total of 73 SHIB traders recorded $182,650 in liquidations over the past 24 hours. Long positions accounted for most of these losses, with about $162,740 in long positions liquidated, compared with $19,910 in short positions.

This imbalance comes as SHIB remains below its weekly high of $0.0000054. Although the token has recovered nearly 4% over the past day, its earlier decline this week has continued to pressure bullish leveraged positions.

249 Billion SHIB Leaves Exchanges Amid Rising Burn Activity

At the same time, exchange flows point to increased SHIB withdrawals, potentially reducing the amount of tokens immediately available for selling on centralized exchanges.

Data from CryptoQuant shows that 249.40 billion SHIB left exchanges, although the total exchange reserve remains above the 87 trillion SHIB mark. The current reserve stands at 87.06 trillion SHIB.

Additionally, SHIB’s burn activity has accelerated sharply. The daily burn rate has jumped 716% over the past 24 hours after the community burned 27.36 million SHIB during that period. Meanwhile, total burns over the past week have reached 118 million SHIB, adding another notable development to the token’s recent market activity.