Shiba Inu (SHIB) has seen its open interest drop nearly 6% to $69.41 million as the broader cryptocurrency market faced a fresh sell-off on Thursday. According to CoinGlass data, SHIB's price declined 3.83% in the last 24 hours to $0.00000615, with its derivatives market activity reflecting a significant reduction in speculative interest.
The sell-off was part of a wider market downturn, with total liquidations across the crypto market reaching $214 million. This decline tracked a firmer US dollar following the release of Federal Reserve minutes, which signaled no urgency to cut interest rates and even left the door open to further hikes. The Crypto Fear and Greed Index reflected the cautious sentiment, dropping to a level of 11 as markets weighed macro concerns.
Technical analysis reveals a vulnerable position for SHIB. The token is trading just below the middle Bollinger Band near $0.00000638, which is acting as immediate resistance. Repeated failures to break above this level confirm persistent selling pressure. The Relative Strength Index (RSI-14) sits between 41 and 42, indicating weak-to-neutral momentum without being oversold, suggesting a technical bounce from exhaustion is not imminent.
The broader context shows a sustained decline in market leverage. The 90-day simple moving average of open interest for top crypto assets has remained negative since October 2025. The crypto market has been under pressure since an October sell-off that wiped nearly $20 billion in leveraged bets, keeping many assets, including SHIB, at multi-month lows. SHIB's current open interest of approximately $72 million is significantly lower than its early January peak above $140 million, indicating reduced risk appetite and long liquidations.
Investors are now awaiting key economic data, including weekly jobless claims and the Personal Consumption Expenditures (PCE) index—the Federal Reserve's favored inflation gauge—for further direction on monetary policy and market sentiment.
