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Open interest in futures tied to Shiba Inu dropped over 8% in the last 24 hours, according to CoinGlass data, reaching $90.45 million, or 12,115,359,174,493 $SHIB.
This comes as the broader crypto market saw a sell-off on Thursday, with most crypto assets, including $SHIB, trading in red. At press time, $SHIB was down 3.92% in the last 24 hours to $0.00000744 and down 5% weekly.
Bulls took a pause across the crypto markets over the past 24 hours as risk-off sentiment swept through global markets.
Even though the Federal Reserve's decision to hold interest rates steady at 3.5%-3.75% was widely expected, a rotation into safe haven assets left crypto traders facing a sell-off.
Market faces sell-off
The broader crypto market has seen a drop since a rally at the start of the year. This follows continued profit-taking on the market, with cryptocurrencies reversing their gains at the week's start.
In the last 24 hours, crypto futures bets worth $369 million have been liquidated, marking a 15% increase in the last 24 hours. Most of these are long positions hoping for prices to further increase.
The total open interest in all crypto futures has fallen nearly 3% to $132.74 billion at press time, following the market sell-off.
On Wednesday at its January meeting, the Fed left rates unchanged at 3.5% to 3.75%, ending a recent run of interest rate cuts.
With the Federal Reserve unsurprisingly deciding to keep its key interest rate unchanged yesterday, attention turned to Powell's post-announcement press conference.
Powell said the economy was on "firm footing" and said that the Fed does not see current monetary policy as "significantly restrictive."
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