altcoin leverage is still under Glassnode’s risk line, which means traders have not piled into alt perps the way they did at prior tops. the orange line is altcoin share of futures open interest minus bitcoin’s share. open interest is the total size of open leveraged bets. when alts take more of that book than $BTC , the line rises. the dashed mark is the risk threshold. the pink bands are the last times it tagged that line, near local heat in 2021, 2024 and 2025. right now the line sits about 10 points below even, and under that threshold. $HYPE is already through $90 and trading toward $92, with $100 the next round number. memes can jump 5–10% and this gauge still is not red. that is why Glassnode says alt leverage is not overheated yet. below the line is “not crowded.” it is not a guarantee alts go to $100. it only says the perp book is not maxed. the catch is how fast this flips. a squeeze can drive the line into the risk zone in days. bitcoin is still under $82,000 on the weekly. if $BTC loses $74,000–$70,000, cheap alt leverage will not hold the bid. so alts are not max levered. $HYPE can press $100 while this line stays quiet. room to run exists only if bitcoin holds and the gauge stays below the risk mark. #Bitcoin Price Prediction: What is Bitcoins next move?# #BTC Price Analysis# #HyperLiquid