Bitcoin Rally Looks Healthy, but Altcoin Leverage Is Flashing a Familiar Warning

Bitcoin is having the kind of rally traders like to see: spot demand is doing the heavy lifting while futures positioning cools down. Altcoins, meanwhile, are telling a much less comfortable story.On September 6, open interest in altcoin perpetual futures overtook Bitcoin’s for the first time since December 2024, according to Coinalyze data. The split matters because the current Bitcoin move appears increasingly tied to actual spot buying rather than an explosion of leveraged bets.Michael