Shiba Inu +631% in Derivatives: Traders Sensing Next Move?

Shiba Inu futures flows saw a positive boost on a 12-hour basis as traders adjusted their positioning ahead of the next major move on the markets.

According to CoinGlass data, Shiba Inu futures inflows reached $5.41 million in the last 12 hours, while futures outflows came in at $4.65 million. The difference in netflows yielded a positive 631% surge.

This comes as sentiment appeared to recover on the crypto market, with the majority of cryptocurrencies trading in green, including Shiba Inu.

At the time of writing, SHIB was up 2.27% in the last 24 hours to $0.00000564. Shiba Inu remains down 7.4% in the last seven days. 

Shiba Inu reversed a six-day drop from a low of $0.00000526 on March 3 but remains down 7.42% weekly.

Shiba Inu appears not to be out of the woods yet as its open interest only rose 0.3% in the last 24 hours.

Despite the ongoing price rebound, crypto markets remain on edge, with sellers taking profits on minor rallies. This backdrop has put Shiba Inu in a unique position, with traders now watching the next move.

On the economic data front, investors are awaiting weekly jobless claims on Thursday and looking ahead to February’s nonfarm payrolls report on Friday.

Altcoins remain at historically weak levels

Altcoins remain at historically weak levels as the trend across the market has remained fairly negative in recent months.

The crypto market has seen a continued sell-off since October when nearly $20 billion in leveraged bets were liquidated.

Altcoins, including Shiba Inu, continue to struggle on the crypto market, even more so since the Oct. 10 event. According to CryptoQuant, 38% of altcoins are near all-time lows, with the recent drop worse than the post-FTX period.

Shiba Inu continues to trade at multiyear lows after reaching $0.000005 last month, a low last seen in September 2021, just before SHIB price rose 830%.