The Shiba Inu cryptocurrency has been experiencing a significant downturn in its derivatives market, with a notable decline in open interest and a shift in investor sentiment.
According to data from CoinGlass, the open interest in Shiba Inu's futures market dropped by over 8% in the last 24 hours. This represents a significant decrease in investor commitment to the market, which has been marked by increasing sell pressure.
The decline in open interest has led to massive liquidations of crypto futures bets worth over $503 million. This marks an increase of 84% over the period, with long traders suffering losses of around $362 million.