Shiba Inu, 11 Trillion Bet Pours into Derivatives Market...Crushing Bitcoin and XRP

▲ Shiba Inu (SHIB)/ChatGPT Generated Image

Shiba Inu (SHIB) is seeing a rapid influx of funds, surpassing Bitcoin and XRP, with 11 trillion SHIB worth of bets forming in the derivatives market. The rate of increase in open interest in the short term has outpaced 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.

During this process, the amount of SHIB accumulated in the futures market surpassed 11 trillion units. The expansion of open interest, coupled with price increases, signifies a rapid influx of new positions and is interpreted as a signal that market participants' interest has sharply increased 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 the fund flows is mixed. While buying accounts for a slight majority in the spot market, the proportion of selling positions in the futures market reached approximately 69%, indicating a significant increase in short-selling-focused 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 move to assets that can expect higher returns during an uptrend, and SHIB is playing the role of such a 'high-beta asset'.

From a technical perspective, SHIB has formed support near the 50-day simple moving average, leaving room for further upside. It is assessed that if the price remains above this indicator, an environment for a short-term upward trend has been created.

*Disclaimer: This article is for investment reference only and does not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.*