📰 The open interest of counterfeit (copycat) coin perpetual contracts has surpassed Bitcoin again after more than a year. Coinalyze data shows this has happened for the first time since December 2024.
Currently, Bitcoin perpetual contracts have open interest of about $23.9 billion, accounting for 37% of the total; if you include calendar futures as well, Bitcoin’s total open interest is about $25 billion. The remaining positions are mainly concentrated in tokens such as ETH, SOL, XRP, BNB, and ZEC.
🔥 Honestly, this shift says a lot: leveraged funds are no longer just crowding into BTC—altcoin contracts are drawing in more positions. Note, though, that this doesn’t necessarily mean altcoins will keep rising; it just suggests the market is willing to deploy more leverage to gamble.
👀 ZEC is one of the clearest examples. After breaking above $1,000 in early September, its futures open interest rose to about $2.4 billion; during this rebound, the amount liquidated on the short side exceeded $34 million.
There’s also a slightly concerning aspect: the more concentrated the positions are, the faster price can be pushed when the trend goes their way—when it moves in the opposite direction, liquidations may also come in harder. Do you think this time represents real diffusion of altcoin capital, or just leverage temporarily piling into a few popular coins?
#山寨币 #永续合约 #比特币 #Zcash
Currently, Bitcoin perpetual contracts have open interest of about $23.9 billion, accounting for 37% of the total; if you include calendar futures as well, Bitcoin’s total open interest is about $25 billion. The remaining positions are mainly concentrated in tokens such as ETH, SOL, XRP, BNB, and ZEC.
🔥 Honestly, this shift says a lot: leveraged funds are no longer just crowding into BTC—altcoin contracts are drawing in more positions. Note, though, that this doesn’t necessarily mean altcoins will keep rising; it just suggests the market is willing to deploy more leverage to gamble.
👀 ZEC is one of the clearest examples. After breaking above $1,000 in early September, its futures open interest rose to about $2.4 billion; during this rebound, the amount liquidated on the short side exceeded $34 million.
There’s also a slightly concerning aspect: the more concentrated the positions are, the faster price can be pushed when the trend goes their way—when it moves in the opposite direction, liquidations may also come in harder. Do you think this time represents real diffusion of altcoin capital, or just leverage temporarily piling into a few popular coins?
#山寨币 #永续合约 #比特币 #Zcash
