Shiba Inu, 11 Trillion Bets Flood Derivatives Market... Crushing Bitcoin and XRP

▲ Shiba Inu (SHIB)/ChatGPT Generated Image

Shiba Inu (SHIB) is experiencing a rapid influx of funds, with 11 trillion SHIB worth of bets forming in the derivatives market, surpassing Bitcoin and XRP. The speed of increase in open interest in the short term is outpacing major large-cap cryptocurrencies, indicating a concentration of speculative demand in the market.

According to a report by The Crypto Basic, a specialized virtual asset media outlet, on April 22, SHIB's open interest surged by 13.45% in the last 24 hours, expanding to approximately $69.79 million. This significantly exceeds the increase rates of approximately 5% for Bitcoin (BTC) and 1.28% for XRP during the same period.

In this process, the volume of SHIB accumulated in the futures market exceeded 11 trillion tokens. The expansion of open interest, coupled with a price increase, signifies a rapid increase in new position inflows and is interpreted as a signal of rapidly rising interest among market participants in the short term.

Trading volume also increased concurrently. SHIB's trading volume rose by 14.5% over a 24-hour period, expanding to approximately $101.1 million. Derivatives trading volume surged by 98%, and spot trading volume also increased by 94%, indicating a sharp increase in overall market activity.

However, the nature of fund flows is mixed. While buy positions slightly dominate in the spot market, sell positions account for approximately 69% in the futures market, indicating a significant increase in short-selling-driven bets. This suggests that speculative funds betting on both price increases and decreases are flowing in simultaneously.

This trend is interpreted as a typical cyclical structure where funds move from large-cap assets to relatively more volatile altcoins. Market participants tend to shift to assets that can offer higher returns during an uptrend, and SHIB is seen as playing the role of such a 'high-beta asset'.

From a technical perspective, SHIB has formed support near its 50-day simple moving average, leaving open the possibility of further upside. If the price maintains above this indicator, an environment for a short-term upward trend is considered to have been established.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*