Altcoin Futures Open Interest Surpasses Bitcoin

Altcoin perpetual futures open interest has surpassed Bitcoin's for the first time since December 2024, according to data from Coinalyze cited by Crypto Briefing on September 6. This shift indicates a rapid influx of leveraged money into the altcoin market.

The combined market capitalization of altcoins outside the top 10 has exceeded $200 billion and risen more than 10% this month, while Bitcoin has traded above $80,000 over the same period.

Leverage was particularly concentrated in Zcash, with open interest in ZEC climbing to a record $2.4 billion earlier this month. As the token's price rose past $1,000, about $34 million of short positions were liquidated.