Shiba Inu open interest has dropped nearly 6% as the market saw a fresh sell-off on Thursday.
The majority of cryptocurrencies declined on Thursday despite gains on the Asian and U.S. equity markets. The drop in the crypto market tracked a firmer dollar after Federal Reserve minutes signaled no urgency to cut interest rates and even left the door open to further hikes.
At the time of writing, SHIB was down 3.83% in the last 24 hours to $0.00000615 with its open interest falling.
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According to CoinGlass data, SHIB open interest is down 6% in the last 24 hours to $69.41 million. This follows a general drop in open interest as the market plunged.
According to CoinGlass data, the 90-day SMA of top crypto assets — which records change in open interest in percentage points — has remained negative since October 2025.
The crypto market has been under pressure since October’s sell-off, which wiped off nearly $20 billion in leveraged bets. The continued sell-off on the market has kept many crypto assets, including SHIB, at multimonth lows.
Open interest declined as well as speculative premium and derivatives liquidity, with leverage appetite yet to return.
Market faces fresh sell-off
The broader crypto market saw a fresh sell-off on Thursday, with $214 million in total liquidations, according to CoinGlass data.
This comes as sentiment on the market remains cautious, with the Crypto Fear and Greed Index now at 11 as the markets weighed macro concerns.
The markets reacted to the Fed’s FOMC minutes from Wednesday, which indicated that central bankers were widely in favor of keeping interest rates unchanged in January, but they were more divided on what should happen next with monetary policy and whether to focus more on the labor market or inflation.
Investors are awaiting more economic data on Thursday, including weekly jobless claims and pending home sales at 10:00 a.m. ET. They are also looking ahead to the personal consumption expenditures index on Friday, which is the Federal Reserve’s favored inflation gauge.
Source: https://u.today/694-million-shib-in-open-interest-as-market-faces-fresh-sell-off
