Shiba Inu Derivatives Signal Bullish Sentiment Amid Spot Price Decline

SHIB has fallen for seven consecutive days as futures open interest surges. Despite weak spot price action, derivatives activity suggests traders remain bullish about the token's prospects.

The OI-weighted funding rate climbed to 0.0082% on Tuesday, indicating continued long positioning among derivatives traders. Retail traders have increased their exposure to SHIB futures, with open interest nearly doubling from a July low of 6.05 trillion SHIB.

SHIB's spot price has dropped about 14% from $0.00000583 and is now trading near $0.00000450. The token faces another challenging session as selling pressure extends into Tuesday, but the increasing futures exposure could help absorb some of this pressure.