the market has been squeezed of a gross amount of leverage
example: $VIRTUAL USDT perp on bybit
down from $120M in OI January 2025 to $8M in October 2025
if there's a trivial amount of new money coming into alts these mechanics matter

Note: i realize this is OI denominated in USD and some of this is impacted by change in underlying price
point still stands
952
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