Shanzhai coin perpetual contract open interest surpasses Bitcoin for the first time, leverage crowding signals emerge
According to Coinalyze data, the open interest in shanzhai coin perpetual contracts has already exceeded that of Bitcoin, marking the first time since December 2024. The current open interest of Bitcoin perpetual contracts is about $23.9 billion, accounting for 37% of the total, while the remaining share is held collectively by Ethereum, Solana, XRP, BNB, Zcash, and others. Bitcoin’s total open interest, including longer-dated futures, is about $25 billion. This suggests leveraged capital is spreading from Bitcoin into altcoins, with market risk appetite clearly rising. Zcash is the most典型 case—after breaking above $1,000 in early September, its futures open interest climbed to roughly $2.4 billion; during the rebound, more than $34 million in short positions were liquidated, indicating both short-term chase buying and a squeeze happening at the same time. For traders, accelerating buildup of leverage exposure in altcoins is a double-edged sword: in the short term it tends to be bullish for altcoin prices, and leverage expansion is often accompanied by upward price momentum; however, historically, after this indicator breaks out, there is often a period of concentrated deleveraging. Once a risk event occurs or liquidity tightens, high-leverage altcoins can retrace very quickly. At the current stage, it’s suitable to focus on whether the growth rate of altcoin positions has peaked, how liquidation hotspots are distributed, and whether Bitcoin funds continue to flow out. Mixed sentiment: short-term momentum leans bullish, but leverage crowding has entered an area that warrants caution.
According to Coinalyze data, the open interest in shanzhai coin perpetual contracts has already exceeded that of Bitcoin, marking the first time since December 2024. The current open interest of Bitcoin perpetual contracts is about $23.9 billion, accounting for 37% of the total, while the remaining share is held collectively by Ethereum, Solana, XRP, BNB, Zcash, and others. Bitcoin’s total open interest, including longer-dated futures, is about $25 billion. This suggests leveraged capital is spreading from Bitcoin into altcoins, with market risk appetite clearly rising. Zcash is the most典型 case—after breaking above $1,000 in early September, its futures open interest climbed to roughly $2.4 billion; during the rebound, more than $34 million in short positions were liquidated, indicating both short-term chase buying and a squeeze happening at the same time. For traders, accelerating buildup of leverage exposure in altcoins is a double-edged sword: in the short term it tends to be bullish for altcoin prices, and leverage expansion is often accompanied by upward price momentum; however, historically, after this indicator breaks out, there is often a period of concentrated deleveraging. Once a risk event occurs or liquidity tightens, high-leverage altcoins can retrace very quickly. At the current stage, it’s suitable to focus on whether the growth rate of altcoin positions has peaked, how liquidation hotspots are distributed, and whether Bitcoin funds continue to flow out. Mixed sentiment: short-term momentum leans bullish, but leverage crowding has entered an area that warrants caution.