Altcoins surpass Bitcoin in open interest for the first time since December 2024
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Derivatives open interest in altcoins overtook Bitcoin for the first time since December 2024, signaling that traders are allocating more leveraged exposure to altcoins than to BTC. This shift reflects a renewed risk-on/speculative appetite and a rotation of capital into smaller-cap tokens. For Bitcoin, the immediate implication is potential pressure on price and market dominance and greater short-term volatility as liquidity and leverage flow into altcoin markets, raising systemic margin and liquidation risks.
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