Altcoin leverage remains below the risk threshold identified by Glassnode, which flagged on Sept. 18 that the market has not reached conditions historically associated with sharp unwinds. That condition occurs when altcoin open interest, representing outstanding derivatives positions, approaches Bitcoin's share to within a few percentage points. Altcoin market capitalization rose roughly 21% over the month leading up to Sept. 10, but Glassnode found no evidence of significant capital rotation from Bitcoin into higher-risk altcoins. Bitcoin continued to outperform altcoins and retain its market dominance, suggesting the rally has been led by Bitcoin rather than a speculative altcoin surge.