The cryptocurrency sphere is witnessing a surge in speculative interest as Shiba Inu (SHIB) futures open interest soars beyond $100 million. This marks a significant increase in the meme coin’s market value, which has seen a 130% rise in a week, sparking discussions about potential market corrections. Meanwhile, Bitcoin (BTC) faces a supply-demand ratio of 1:10, with forecasts suggesting a possible new high in the coming week.
Shiba Inu Futures Surge Signals Influx of Investment
Recent data from CoinGlass reveals that for the first time since August 2023, Shiba Inu futures have seen open interest hit $100 million, pointing to robust capital investment in the altcoin. This comes alongside a notable uptick in SHIB’s market valuation, hinting that investors are piling into the asset with enthusiasm.
However, historical trends caution that such levels of open interest in SHIB futures often precede market downturns, suggesting that Bitcoin might be at a temporary peak, readying for a correction.
Bitcoin’s New Peak on the Horizon, Says Expert
The speculative wave is not confined to SHIB. South Korean exchanges are bustling with an average of $8 billion in trading volumes, dwarfing the $1 billion average before Bitcoin’s latest bullish wave. 10X Research founder Markus Thielen links the surge to heightened retail investor engagement.
Thielen predicts a new milestone for Bitcoin, potentially surpassing the $69,000 mark, bolstered by substantial capital flowing into U.S. spot ETFs. He also warns of volatile market shifts stemming from the stark supply-demand imbalance, with institutional appetite outstripping Bitcoin’s daily production.
Amidst fluctuating investor confidence, as seen with Grayscale’s GBTC outflows and BlackRock’s IBIT inflows, Thielen maintains a positive outlook for Bitcoin, suggesting that resumed robust inflows into BlackRock’s ETF could catalyze a major price rally for the leading cryptocurrency.