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

Altcoin perpetual futures carried more open interest than Bitcoin’s on September 6, the first such flip since December 2024, according to Coinalyze data. That crossover comes even as Bitcoin’s own rally stays anchored in spot demand, not altcoin leverage.

Neoclassic Capital Co-Founder and Managing Partner Michael Bucella called Bitcoin’s advance a healthy rotation. He said the initial surge came from short covering. Spot demand and rising call-option skew have since taken over as futures positioning eased.

Altcoin Leverage Nears Levels Last Seen Before 2025’s Crash Zcash drove most of the shift. ZEC’s derivatives book swelled to an all-time high near $2.4 billion during Zcash’s decade-high rally.

Short sellers absorbed roughly $34 million in forced closures as the token broke higher. Zcash’s rally has drawn extra attention as Grayscale files to convert its ZEC trust into a spot ETF. That filing adds a new demand angle even as leverage climbs.