Altcoin open interest reached a new record of $47 billion in August 2025, driven by significant growth in Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE). This surge is reflected in the notable increase in Google Trends searches for ‘altcoins,’ though these search rates remain below peak levels seen in 2021. The Total2 index, a metric tracking the performance of altcoins excluding Bitcoin, is poised to break above its 2021 all-time high. Glassnode data reveals that open interest has steadily climbed since October 2024, indicating a rise in market leverage. Analysts have highlighted this increased leverage as potentially amplifying price movements in both directions, increasing the likelihood of rapid gains or losses.