Shiba Inu: 68.1% Long Accounts Meet a 7.0% Open-Interest Slide

Shiba Inu is showing a crowded-funding setup at $0.00000566: 68.1% of accounts are long, aggregate open interest is down 7.0% over 24 hours to about $52.8M, and the average eight-hour funding reading converts to roughly 0.1%. The positioning is bullish on the surface, but the simultaneous reduction in leverage suggests that longs are being forced to retreat rather than adding confidently.

Market commentary around SHIB is split between a possible bull trap and renewed technical optimism.

OI is concentrated, but shrinking across leaders

Bitget carries the largest reported SHIB derivatives position at $10.6M, representing 20.1% of tracked open interest, although its position is down 5.6% in 24 hours and 1.6% over four hours. OKX follows with $7.7M and a 14.5% share, down 4.0% daily and 1.3% over four hours. Gate holds $7.1M, or 13.4%, with a 3.8% daily decline and a 1.1% four-hour decline.

KuCoin is smaller at $4.6M and an 8.7% share, but its contraction is more severe: open interest is down 12.4% in 24 hours and 13.1% over four hours. That makes KuCoin the clearest evidence of active deleveraging. Across the largest venues, the direction is aligned: positions are being removed rather than rebuilt into the current price.

Funding is positive, with one extreme outlier

The funding rate split is more revealing than the headline average. CoinEx prints 0.6%, far above the broader group, while Bitget, BitMEX, KuCoin, OKX, LBank, MEXC and WhiteBIT are all positive but round to 0.0% at one-decimal display precision. Bitfinex and dYdX are neutral, while Gate and Kraken are negative.

This is not a uniform funding squeeze across every venue. Instead, it looks like a concentrated pocket of expensive long exposure alongside mostly mild positive carry elsewhere. CoinEx’s outlier can amplify the crowded-funding signal, but the negative readings on Gate and Kraken show that the market is not universally paying up to stay long. The combination favors a fragile long bias rather than a clean, market-wide bullish confirmation.

Liquidations confirm long-side stress

The liquidation profile points in the same direction. The one-hour and four-hour windows recorded no liquidations, but the 12-hour window shows $331 in longs versus $27,869 in shorts. Over 24 hours, long liquidations rise to $237,955, compared with $27,873 for shorts, out of $265,829 total.

That imbalance matters because account positioning and active trading are not saying the same thing. The account long share is 68.1%, but the taker long share is only 58.2%. Accounts remain heavily tilted long, while the more immediate flow is less aggressive. In other words, traders may still be positioned for upside, but active buyers are not overwhelming sellers, and long liquidation pressure has already dominated the recent window.

Verdict: SHIB’s crowded-funding risk remains skewed toward a long-side unwind while price sits at $0.00000566 and aggregate open interest has slipped to $52.8M. The bearish crowded-positioning view is invalidated if SHIB retakes and holds above $0.00000566 while OI rebuilds from $52.8M instead of extending its 7.0% daily contraction. Data as of 17:05 Beijing time on Oct 3, covering Binance, OKX, Bybit and other major venues.