Altcoin open interest overtakes Bitcoin after 21 months

Aggregate open interest in altcoin perpetual futures surpassed Bitcoin’s for the first time since December 2024 on Sept. 6, reflecting increased leveraged trading as Zcash and the wider altcoin market rallied. Summary Coinalyze data showed altcoin perpetual futures open interest surpassing Bitcoin’s for first time since 2024. Bitcoin perpetual open interest remained near $23.9 billion, representing roughly 37% of aggregate tracked positions. Zcash open interest reached about $2.4 billion as short liquidations exceeded $34 million during breakout. Altcoin market capitalization outside the ten largest assets increased above $200 billion during early September. Open interest records outstanding contracts but does not reveal whether positioning is bullish or bearish. Bitcoin’s aggregate open interest stood near $25 billion on Sept. 7, according to Coinalyze. Perpetual contracts accounted for approximately $23.9 billion, while dated futures represented about $1.2 billion. Bitcoin held around 37% of the perpetual open-interest market tracked by the platform. The combined share of altcoin contracts therefore exceeded Bitcoin’s share, although the altcoin category combines positions across...