On September 6, open interest in altcoin perpetual futures exceeded that of Bitcoin for the first time since December 2024, according to Coinalyze. While Bitcoin's recent price growth is supported by spot demand and call-option activity, the altcoin market shows signs of increased leverage reminiscent of conditions seen in October 2025.
Zcash has been a primary driver of this shift, with its derivatives book reaching an all-time high of nearly $2.4 billion. During the token's rally, which saw a monthly increase of almost 150%, short sellers faced approximately $34 million in forced liquidations. Additional demand for Zcash is linked to Grayscale's filing to convert its ZEC trust into a spot ETF.
Market activity has also intensified around Ethereum and tokens associated with Robinhood’s new blockchain, including the memecoin launchpad Pons. Michael Bucella, co-founder of Neoclassic Capital, noted that while Bitcoin's movement appears healthy, the current buildup in altcoin leverage mirrors the environment preceding the market-wide liquidation in late 2025.
Bucella emphasized that investors should exercise caution regarding the sustainability of the current altcoin leverage levels. The market is now watching to see if the unwinding of these positions will occur without significant volatility for the remainder of September.
