Bitcoin Rally Lifts Crypto Market Above $3 Trillion as Leverage Builds

Digital assets reclaimed $3 trillion in market value for the first time since January after Bitcoin's rally, but rising leveraged bets in perpetual futures heighten the risk of sharp price swings. Open interest in perpetual futures across tokens climbed to nearly $160 billion, the highest since late October, Coinglass data show. More than $920 million in bearish bets were liquidated on Sept. 21 as prices surged, yet open interest kept rising, indicating new leveraged positions are replacing closed shorts rather than traders reducing risk. US spot Bitcoin ETFs drew $999 million on Sept. 21, the largest single-day net inflow since Oct. 6. Bitcoin retreated to $85,100 on Sept. 22 after jumping nearly 8% to $87,381, its highest since January. Altcoins joined the advance, with Zcash climbing sharply and HYPE hitting a record high. Analysts warn that leverage running ahead of spot demand could trigger rapid reversals in either direction.