Traders withdrew more than 204 billion SHIB tokens from exchanges in a single day, up 3.6% from the day before, even as demand for Shiba Inu futures contracts fell sharply.
Futures flow becomes negative
Facts from Coinglass shows that futures outflows over the past 24 hours amounted to $5.6 million, surpassing inflows of $4.74 million. The net hole – roughly $865,790 in closed contracts – effectively removed 156.56 billion SHIB tokens from the futures market in one session.
Open interest, which tracks the total value of active futures positions, fell 6% to more than $49 million over the same period. Trading volume in 24-hour futures also fell 0.88% to $78.6 million as activity in the derivatives market remained weak.
The decline in futures demand follows SHIB’s price behavior over the past four days, during which the token has barely moved. The coin hasn’t moved more than 2% in either direction, giving derivatives traders little reason to stay indoors.
Quiet price, slow momentum
SHIB was trading at $0.00000553 at the time of writing and showed virtually no change over the past day. Low price movements tend to push futures traders into other assets, and that rotation appears to be underway here.
When a token is stagnant, futures traders tend to exit. They need volatility to make money with leveraged positions, and SHIB hasn’t delivered on that.
The demand for spot continues
While the derivatives side weakened, spot activity told a different story. Spot market trading volume rose 18% in 24 hours to nearly $12 million, and foreign exchange reserves fell 0.25% to SHIB 80.32 trillion.
The exchange net flow remained negative, meaning more tokens left the platforms than arrived. These types of continued outflows are often interpreted as holders putting their assets into self-management rather than preparing to sell.
Some analysts have pointed to this pattern as a sign that the recent downward pressure on prices may be easing.
Featured image from Unsplash, chart from TradingView