Bitcoin's Spot-Backed Rally Hides an Altcoin Leverage Trap Last Seen in 2025

Bitcoin’s price advance continues to be supported by spot buying and rising call‑option skew, while altcoin perpetual futures have surpassed Bitcoin’s open interest for the first time since December 2024.

Altcoin Futures Overtake Bitcoin

Data from Coinalyze shows that on September 6 altcoin perpetual futures held more open interest than Bitcoin futures, marking the first such crossover in over a year.

Key Drivers Behind the Shift

Zcash (ZEC) led the move, with its derivatives book reaching an all‑time high of about $2.4 billion during a month‑long rally that saw the token gain roughly 150%. Short sellers absorbed around $34 million in forced closures as ZEC rose.

Grayscale’s filing to convert its ZEC trust into a spot ETF added a new demand factor, further boosting leverage activity.

Other assets tied to Robinhood’s new blockchain, including Ether and various tokens, have also outperformed, while the memecoin launchpad Pons has spurred additional token launches.

Analyst Perspective

Michael Bucella, co‑founder of Neoclassic Capital, noted that Bitcoin’s rise appears healthy, driven by spot demand rather than pure short covering. He warned that the buildup of altcoin leverage mirrors the environment before the sharp market‑wide liquidation in October 2025 and advised caution.

Outlook

Bitcoin’s ETF‑backed buying has remained resilient despite a brief outflow period in late August. The key question for September is whether altcoin leverage will unwind smoothly or trigger broader market stress.