Altcoins Surpass Bitcoin in Open Interest for First Time Since December 2024
For the first time since December 2024, altcoin perpetual futures have surpassed Bitcoin in open interest. This crossover marks a significant shift in market positioning.
The total open interest in altcoins has climbed above $200 billion, representing a gain of more than 10% since September. Meanwhile, Bitcoin continues to trade above $80,000.
ZEC's open interest surged to a record $2.4 billion in early September, with $34 million in short liquidations triggered as its price pushed past $1,000.
Analysts have observed that liquidation events tend to accelerate when aggregate OI approaches roughly 4.42% of total market capitalization. At this threshold, the amount of leveraged exposure relative to the underlying market value becomes fragile enough for a sudden move to unwind positions rapidly.