The Shiba Inu (SHIB) derivatives market has experienced a lull over the past day, with momentum fading amid ongoing market volatility. Data from CoinGlass indicates that futures traders have largely withdrawn their positions, raising concerns about the asset’s near-term price potential.

Open Interest Sees Significant Drop

Just last week, Shiba Inu’s active futures contracts collectively surpassed the 12 trillion SHIB mark as bullish sentiment dominated the market. However, over the past 24 hours, the open interest has retreated to around 8.87 trillion SHIB—a notable decline from last week’s peak—while the total number of active contracts has remained largely unchanged.

Price Flips Positive

Despite the quiet derivatives market, Shiba Inu’s price has shown early signs of recovery. Over the last 24 hours, SHIB has increased by 0.73%, reaching $0.000005812, according to CoinMarketCap data. This mild uptick suggests that market sentiment may be shifting, as broader crypto markets signal potential recovery.

While futures trading activity remains subdued, the sudden positive price movement could spark renewed interest in Shiba Inu’s derivatives market, potentially setting the stage for a bullish rebound.

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