Data shows the Altcoin futures market has seen a decline in speculative engagement recently as the Open Interest has plummeted.

Altcoin Open Interest Is Now Near Cycle Lows

In its latest weekly report , on-chain analytics firm Glassnode has talked about the broad cooldown in speculation that altcoins have witnessed recently. The metric of relevance here is the “ Open Interest ,” which measures the total amount of positions related to a given asset that are currently open on all derivatives exchanges.

When the value of this metric rises, it means speculative activity around the cryptocurrency is going up. Generally, a higher amount of leverage raises the chances of the market turning volatile, so this kind of trend can lead to sharper price action.

On the other hand, the indicator w

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