For the first time since December 2024, aggregate altcoin perpetual futures open interest has overtaken Bitcoin’s, marking a structural shift in market positioning according to Coinalyze data. The market capitalization of altcoins outside the top ten has climbed above $200 billion, representing a gain of more than 10% since early September, while Bitcoin continues trading above $80,000. ZEC’s open interest surged to a record $2.4 billion in early September, triggering $34 million in short liquidations as its price pushed past $1,000. Analysts note that historical patterns suggest liquidation cascades accelerate when aggregate open interest reaches approximately 4.42% of total market capitalization, a threshold that was followed by sharp corrections in mid-cap tokens after the December 2024 crossover.
Source: Read the original article
