Shiba Inu: 68.1% Long Accounts Meet a 14.3% Open Interest Drop
At $0.00000542, Shiba Inu is facing a crowded-positioning problem: 68.1% of accounts are long, yet total open interest is down 14.3% over 24 hours to about $45.4M. The average funding rate remains positive, while $87.4K in 24-hour liquidations has been dominated by longs. That combination suggests leverage is being flushed even as the directional bias stays bullish.
Recent coverage has focused on SHIB market developments alongside broader token price analysis, but the derivatives data offers a more specific read on current positioning.
Large venues are adding while the total contracts shrink
The venue breakdown is not uniformly defensive. Bitget carries the largest reported share at 21.8%, with $9.9M of SHIB open interest and a 3.2% 24-hour increase. OKX holds 14.8% and has added 5.0%, while Gate accounts for 13.1% after a 3.1% rise. These are meaningful increases at major venues, but they conflict with the 14.3% aggregate contraction.
This divergence implies that the reduction is coming from other venues or from smaller books, while activity is concentrating on the leading exchanges. Concentration can improve liquidity, but it also makes crowded positioning more visible: if the larger venues begin cutting exposure, there may be less residual open interest to absorb a move against longs.
Funding is positive, but not equally bullish everywhere
Funding is broadly tilted upward. Bitget, Gate, OKX, KuCoin, MEXC, LBank and WhiteBIT each show 0.0% after one-decimal rounding, while CoinEx is the clear outlier at 0.1%. Crypto.com is also positive at 0.0% on the same display basis. By contrast, Kraken is slightly negative at -0.0%, and Bitfinex is flat at 0.0%.
The important signal is not an extreme payment rate across every venue; it is the unevenness. CoinEx shows the strongest positive reading, while Kraken is marginally negative. That split weakens the case for a synchronized long squeeze immediately, but it still shows that traders are paying to maintain long exposure in the most crowded pockets.
Liquidations confirm a one-sided stress test
The liquidation profile is much more decisive than the venue funding spread. Four-hour liquidations total $40.0K, all from longs. Over 12 hours, long liquidations reach $60.2K versus just $21.15 in shorts. Across 24 hours, longs account for $65.1K and shorts $22.4K, for a total of $87.4K.
That structure says the market has already punished bullish leverage, but not enough to reset the account imbalance. The long/short ratio tells the same story at two levels: 68.1% of accounts are long, while active taker positioning is less one-sided at 58.2% long. Passive account bias is therefore more bullish than current aggressive flow, a classic sign that traders are holding onto a directional preference while new execution is more restrained.
Verdict: The crowded-funding setup remains fragile rather than outright bearish. The key reference is $0.00000542 with open interest near $45.4M: a sustained move below that price while OI continues to contract would favor another long flush, while a recovery above $0.00000542 accompanied by OI rebuilding above $45.4M would invalidate the downside-crowding view. Data as of 18:09 Beijing time on Sep 19, covering Binance, OKX, Bybit and other major venues.