Over $1.8 Million in Long Bets Wiped Out as SHIB Long-Short Ratio Takes a Hit

SHIB Traders Turn Bearish as Futures Ratio Dips Below 1, Over $1.8M in Longs Wiped Out

Bearish sentiment is intensifying around Shiba Inu (SHIB) as leveraged traders retreat following a sharp price slide to two-month lows.

Data from CoinDesk’s AI insights shows the long-short ratio in SHIB perpetual futures contracts has dropped to 0.9298, signaling that short bets now outweigh long positions. This gauge tracks the balance between bullish and bearish futures traders and is a key barometer for market sentiment.

Since June 12, over $1.8 million in long positions have been forcibly liquidated as prices fell, per Coinglass data. By comparison, short liquidations totaled under $500,000 during the same period, underscoring a clear bearish tilt.

The caution is also reflected in SHIB’s derivatives market, where open interest has decreased 2.14% in the past 24 hours to $145.33 million. Long liquidations rose sharply to $244,000, vastly outpacing the $57,000 in shorts closed out.

On the spot side, SHIB’s price has dropped 10% to $0.00001164 since June 12. However, a modest rebound from Tuesday’s low of $0.00001134 is hinting at possible short-term support.

Technical Highlights

Key Support Intact: SHIB is still holding above the crucial $0.00001100 level, which could anchor a reversal.
Bullish Signals Emerging: A minor bullish divergence is appearing in the daily RSI, while the MACD is nearing a bullish crossover targeting the 23.60% Fibonacci retracement at $0.00001390.
Volume Clues: Elevated volume levels have accompanied a close at $0.00001170, suggesting buying interest at lower prices.
Short-Term Oversold Conditions: Hourly RSI metrics show SHIB in oversold territory, potentially setting the stage for a bounce if support at $0.00001168 holds.