Shiba Inu OI Holds at $53.6M Despite a 1.0% Daily Retreat

At $0.00000578, Shiba Inu is showing a fragile derivatives rebound: total open interest is $53.6M, down 1.0% over 24 hours, while price is up 1.1%. Volume has also fallen 44.2% to $47.1M, making the price gain look less like a broad leverage-led breakout and more like a selective recovery. Recent market coverage has split between bullish bets on SHIB and warnings of a possible reversal.

Venue flows are pulling in opposite directions

The largest reported OI block sits on Bitget at $10.9M, representing 20.3% of the tracked total and rising 1.3% over 24 hours. Gate holds $6.8M, or 12.7%, with a stronger 1.8% daily increase. Those additions contrast with OKX, where $7.4M of OI accounts for 13.8% of the total but has declined 3.6%.

This split matters because the headline total is contracting despite fresh positioning on two major venues. The shorter four-hour changes reinforce the divergence: Bitget is up 0.1%, Gate is up 0.5%, while OKX is down 1.0%. The market is therefore not unwinding evenly; traders are rotating exposure between venues rather than building a synchronized SHIB futures impulse.

Funding is mostly calm, but one venue is stretched

The average funding rate is about 0.1% on an eight-hour basis after converting the supplied decimal reading, which is positive but not extreme on a rounded one-decimal display. Venue-level rates are much less uniform. CoinEx is the outlier at 0.6%, while Bitget, Gate and OKX each show 0.0% after rounding. Kraken is slightly negative at -0.0%, and Crypto.com is also 0.0% at the same precision.

That distribution suggests the cost of maintaining long exposure is concentrated rather than market-wide. CoinEx longs are paying a notably higher rate, but the near-zero readings on larger venues do not confirm a generalized rush into one-sided leverage. With the total OI still down 1.0%, funding is better read as localized crowding than as a clean bullish trend signal.

Longs dominate both accounts and forced exits

Positioning is still tilted long: 68.1% of accounts are long, compared with 58.2% on the taker side. The gap shows that account-level positioning is more optimistic than the latest aggressive trade flow. In other words, many participants remain positioned for upside, but active execution is less one-sided.

The liquidation tape adds a second warning. Over 24 hours, long liquidations reached $21.2K versus $7.5K for shorts, for $28.7K in total across 31 events. The 1-hour, 4-hour and 12-hour windows all report zero liquidations, so the pressure was concentrated in the broader daily window rather than accelerating into the latest session. Long-heavy liquidations alongside a 68.1% account-long share indicate that bullish positioning has already been tested, even though the absolute liquidation total remains limited.

Verdict

The exclusive read is neutral-to-cautious: $0.00000578 is the key price reference and $53.6M is the key OI threshold. A break below $0.00000578 while OI expands from $53.6M would signal that fresh leverage is reinforcing downside, not supporting recovery. This view would be invalidated if price holds above $0.00000578 while OI turns higher from $53.6M and the venue split narrows through renewed gains beyond Bitget’s 1.3% and Gate’s 1.8% increases. Data as of 14:05 Beijing time on Sep 25, covering Binance, OKX, Bybit and other major venues.