Altcoin perpetual contract open interest has surpassed Bitcoin’s for the first time since December 2024, Coinalyze data shows. Bitcoin perpetual open interest stands at about $23.9 billion, representing 37% of the total, while the remaining share is held by tokens including Ethereum, Solana, XRP, BNB, Zcash and others. Bitcoin’s total open interest, including forward futures, is approximately $25 billion. Zcash has seen one of the sharpest shifts toward leveraged altcoin exposure after breaking above $1,000 in early September, with futures open interest rising to about $2.4 billion and more than $34 million in short positions liquidated during the rebound.