Altcoin open interest drops 15% as capital concentration in BTC deepens

Altcoin perpetual futures open interest fell about 15% over the past month, while BTC rose about 8%, CoinDesk reported. CoinDesk said altcoins are struggling to attract investor interest without a strong Bitcoin rally. The outlet said BTC has become more firmly integrated into capital markets through ETFs, institutional hedging, basis trades and use as collateral, while most altcoins have yet to build that kind of foundation. It added that many projects have not presented a clear structure showing how token value accrues to investors, leaving them more vulnerable in a bearish market like the current one. CoinDesk also said the weakness was driven by tech stocks, while market participants are watching for funds that had left crypto during the AI investment boom to flow back in.