Altcoin perpetual futures carried more open interest than Bitcoin's on September 6, marking the first such reversal since December 2024, according to Coinalyze data. The shift occurs as Bitcoin's rally remains anchored in spot demand rather than leveraged positions.
Zcash drove much of the movement, with its derivatives book swelling to an all-time high near $2.4 billion during the token's decade-high rally. Short sellers absorbed roughly $34 million in forced closures as ZEC broke higher. Zcash has climbed almost 150% in a month, and the token gained additional attention following Grayscale's filing to convert its ZEC trust into a spot ETF.
Ether and tokens tied to Robinhood's blockchain also outperformed. Pons, a memecoin launchpad built on that chain, has fueled a fresh wave of token launches as traders rotate leverage further down the risk stack.
Cautionary Echoes
Michael Bucella, co-founder and managing partner at Neoclassic Capital, characterized Bitcoin's advance as a healthy rotation driven initially by short covering, with spot demand and rising call-option skew now sustaining the move. However, he cautioned that the current altcoin leverage buildup echoes conditions from October 2025, which preceded a sharp market-wide liquidation.
Bitcoin's own rally appears comparatively healthy, driven by spot buying rather than pure leverage, according to Bucella. Bitcoin's ETF-backed bid has held up despite a brief late-August outflow streak. The key question heading into the rest of September is whether altcoin leverage unwinds as calmly as Bitcoin's move has progressed.
