Shiba Inu's derivatives market open interest (OI) rose more than 9 percent over the past 24 hours, reviving short-term speculative demand.

On April 8 (local time), blockchain media outlet The Crypto Basic reported Shiba Inu's open interest stood at $57.33 million. That was up 9.29 percent from $52.24 million a day earlier. In token terms, it amounted to 9.8 trillion SHIB. The figure exceeded the weekly high of $54.22 million on April 7 and was the highest since $59.46 million on March 24. It indicates new positions are building again in Shiba Inu's derivatives market.

Futures fund flows also pointed in the same direction. Over the past 24 hours, inflows into Shiba Inu futures were $11.52 million and outflows were $10.55 million. Net inflows were $973,700, meaning more new futures contracts were created than before.

The surge in open interest reflects traders' positive sentiment rather than a simple increase in attention. If buying pressure rises in the futures market, spot prices can follow. Shiba Inu rose more than 4 percent over the same period to regain the $0.0000060 level.

Technical momentum also improved somewhat. Shiba Inu traded above its 50-day moving average, recovering short-term momentum. If futures fund flows keep growing, it could push the token price higher, but it is difficult to say the bullish signal will immediately lead to a trend reversal.

Liquidations also increased. Over the past 24 hours, liquidations tied to Shiba Inu totalled $103,060. Of that, long liquidations were $62,920 and short liquidations were $40,150. Over the same period, forced liquidations across the overall cryptocurrency market totalled $595.0 million, with $425.0 million in short positions. This is seen as a flow in which the broader market rebound also affected the derivatives market.

The spot market, however, showed a different move. Over the past 24 hours, inflows to exchanges were $7.89 million and outflows were $7.37 million. Net inflows were $522,160, a sign that holders are sending tokens to exchanges and the likelihood of selling has increased.

Some say the price rise is not reassuring holders but instead prompting profit-taking and selling. Risk appetite has returned in the futures market, but the spot market appears to be seeing sell orders emerge at each rebound.

As a result, Shiba Inu's near-term direction is expected to depend on whether inflows into the derivatives market can absorb spot selling. Some are voicing concern that Shiba Inu will struggle to sustain an uptrend if holders do not stop selling into strength. Over the next few days, changes in spot holders' behaviour are seen as a key variable that will shape the price path.