Bitcoin dominance has opened September lower, having been rejected at the key 60% level, while altcoin market cap outside the top 10 exceeded $200 billion. A whale opened a $50 million short position on BTC with 13x leverage, suggesting major players are taking profits on Bitcoin in favor of altcoins. Altcoin open interest has surpassed Bitcoin’s for the first time since December 2024, indicating rapid leverage accumulation. The critical resistance zone of $220 to $230 billion represents the major obstacle to overcome to confirm a genuine altcoin bull cycle.
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