The entire crypto market has seen a steady increase in open interest (OI) over the last few months. But the Shiba Inu open interest seems to not have followed this trend as much as others. While there has been a huge jump in the open interest of the largest cryptocurrencies in the industry, Shiba Inu’s rise has remained relatively muted, with implications for the altcoin’s price.

过去几个月，整个加密货币市场的未平仓合约（OI）稳步增长。但柴犬的未平仓头寸似乎没有像其他人那样遵循这一趋势。尽管业内最大的加密货币的未平仓合约大幅增加，但柴犬的上涨仍然相对温和，这对山寨币的价格产生了影响。

Shiba Inu Open Interest Trajectory

柴犬持仓量轨迹

The Shiba Inu open interest initially started pumping back in August when the current bull run began. However, in the following months, the open interest has been considerably lower, happening at a time when open interest across other top cryptocurrencies is seeing large spikes.

当当前的牛市开始时，柴犬的未平仓合约最初在八月份开始回升。然而，在接下来的几个月中，未平仓合约大幅下降，而此时其他顶级加密货币的未平仓合约却大幅飙升。

Shiba Inu’s open interest crossed $43 million back in August but has had a hard time returning to this level, data from Coinglass shows. The open interest has since dropped and continues to range just below the $20 million level. Now, while this is not out of character for the altcoin, it is a deviation when it comes to following Bitcoin’s trends.

Coinglass 的数据显示，Shiba Inu 的未平仓头寸在 8 月份就突破了 4300 万美元，但很难回到这一水平。此后，未平仓合约有所下降，并继续徘徊在略低于 2000 万美元的水平。现在，虽然这对于山寨币来说并非不合时宜，但在追随比特币趋势方面却存在偏差。

Dogecoin, SHIB’s foremost competitor, has followed the trajectory of Bitcoin, with the open interest staying low through the months of October and then exploding in the month of November. To put this in perspective, the Dogecoin open interest dropped as low as $226 million in October before exploding as high as $520 million in November.

SHIB 最重要的竞争对手狗狗币追随了比特币的发展轨迹，未平仓合约在 10 月份一直保持在较低水平，然后在 11 月份出现爆炸式增长。从这个角度来看，狗狗币的未平仓合约在 10 月份跌至 2.26 亿美元，然后在 11 月份飙升至 5.2 亿美元。

However, the Shiba Inu open interest has struggled, maintaining a low peak of $17 million in November with a small rise to $18 million in December. This is in stark contrast to the open interest of Bitcoin and Dogecoin which have seen a flurry of activities as prices have recovered.

然而，柴犬持仓量一直举步维艰，11 月份维持在 1,700 万美元的低位，12 月份小幅上涨至 1,800 万美元。这与比特币和狗狗币的未平仓合约形成鲜明对比，随着价格回升，比特币和狗狗币出现了一系列活动。

SHIB OI Deviates From Price

SHIB OI 偏离价格

Another way that Shiba Inu has deviated from the rest of the crypto market is the fact that the price does not move directly proportional to the open interest. While the likes of Bitcoin and Dogecoin have shown prices moving upward as open interest has soared, SHIB’s price has remained fairly high while the open interest has remained fairly low.

Shiba Inu 偏离加密货币市场其他部分的另一个方式是，价格并不与未平仓合约成正比。虽然比特币和狗狗币等货币的价格随着未平仓合约的飙升而上涨，但 SHIB 的价格仍然相当高，而未平仓合约仍然相当低。

This suggests that a rise in open interest is not actually one of the major factors pushing the SHIB price. So unlike others, a crash in open interest will likely not translate into a crash in price. However, Shiba Inu continues to trail the Bitcoin recovery closely, so a decline in the BTC price could sorely affect the SHIB price.

这表明未平仓合约的增加实际上并不是推动 SHIB 价格的主要因素之一。因此，与其他情况不同的是，未平仓合约的暴跌可能不会转化为价格暴跌。然而，柴犬继续密切关注比特币的复苏，因此 BTC 价格的下跌可能会严重影响 SHIB 的价格。