Altcoin Leverage Soars to Levels Not Seen Since 2025 Crash
Bitcoin's (BTC) recent rally may not be as strong as it seems. According to Coinalyze data, altcoin perpetual futures have been carrying more open interest than Bitcoin's on September 6.
This crossover marks the first time since December 2024 that altcoins have outpaced Bitcoin in terms of open interest. Neoclassic Capital Co-Founder and Managing Partner Michael Bucella described Bitcoin's advance as a 'healthy rotation,' but warned that the buildup echoes conditions from October 2025, just before a sharp market-wide liquidation.
Zcash (ZEC) has been driving much of this shift, with its derivatives book swelling to an all-time high near $2.4 billion during its decade-high rally. Short sellers absorbed roughly $34 million in forced closures as the token broke higher.
Bucella also noted that Bitcoin's own move looks comparatively healthy, driven by spot buying rather than pure short covering.