In short

• Altcoin leverage repeats conditions that were last seen shortly before the October 2025 crash.

• Altcoin futures open interest surpassed, for the first time since 2024, that of Bitcoin.

• Bitcoin’s rally remains driven by spot demand, according to Michael Bucella of Neoclassic.

Read the original story of a spot-driven Bitcoin rally that hides an altcoin leverage trap last seen in 2025 with Darryn Pollock: nl.beincrypto.com