24d • General discussion
Altseason upcoming?
Something interesting just happened in the derivatives market: altcoin open interest just flipped Bitcoin's, for the first time since December '24.
In plain terms, open interest = the total amount of leveraged/speculative positions sitting open on futures markets. For most of the past year, BTC has dominated that number.
Now, for the first time in almost 2 years, alts (as a group) have more speculative capital parked in them than Bitcoin does.
Worth being clear on what this does and doesn't tell us: it says nothing about direction, this isn't bullish or bearish on its own, it just shows where leverage is flowing.
But historically, this kind of shift has lined up with the early stages of what people call "alt season", a period where alts start outperforming BTC.
Not a signal to ape in, just a data point worth tracking closely over the next few weeks
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Altseason upcoming?
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