[DigitalToday reporter Yoonseo Lee (이윤서)] Shiba Inu’s futures money flows plunged 190% in 24 hours.

The Crypto Basic, a blockchain media outlet, reported on May 27 (local time) that interest in Shiba Inu in the derivatives market has weakened rapidly as its price continues to move sideways.

Based on Coinglass data, outflows exceeded inflows in the Shiba Inu futures market over the past 24 hours. New inflows totalled $4.74 million, while outflows were $5.60 million. The net decline was $865,790, implying 156.56 billion SHIB left the futures market.

The shift came alongside price stagnation. Shiba Inu’s price has not moved more than 2% over the past 4 days. Amid a range-bound broader market, Shiba Inu also failed to establish a clear direction, and the trend of derivatives traders moving to other assets stood out. Coinglass indicators also confirmed that outflows outpaced inflows.

Open interest (OI) also declined. Shiba Inu open interest fell 6% over the same period to $49.4 million. Open interest refers to the total value of futures contracts in the derivatives market that have not yet been liquidated. As market participants reduced positions, participation intensity in the futures market is also interpreted to have weakened. Twenty-four-hour futures trading volume also fell 0.88% to $78.6 million.

Unlike the derivatives market, accumulation signals were detected in the spot market. Exchange-held Shiba Inu balances fell 0.25% over 24 hours to 80.32 trillion SHIB. Net exchange inflows were negative, and users withdrew 204.5 billion SHIB from exchanges over the past 24 hours. That was up 3.6% from the previous day.

Spot trading volume also increased. Spot trading volume over the past 24 hours rose 18.8% to $11.8 million. The movement of holdings off exchanges during a period of limited price movement shows some investors see the weak price action as a buying opportunity and are moving tokens to long-term holding wallets.

Shiba Inu is currently around $0.00000553, and key support levels are holding as volatility has declined. In this flow, there are also observations in the market that the bearish trend may be nearing its end.

Still, a decline in derivatives market interest does not immediately mean a price rebound. The simultaneous declines in open interest and futures trading volume can be seen as a signal that short-term speculative demand has weakened. Even if Shiba Inu shows some accumulation in the spot market, sideways trading could last longer if the price fails to regain key resistance levels.

Ultimately, the key going forward is whether the tokens moved off exchanges translate into actual long-term holding or end as a short-term rebound amid low liquidity. While position reductions continue in the derivatives market, withdrawals and rising trading volume are appearing at the same time in the spot market, suggesting Shiba Inu’s price will, for the time being, look for direction between spot buying and a shrinking futures market.