ENA and TRUMP Fuel Altcoin Risk as Leverage Soars

Recent data reveals a surge in leverage within the altcoin market, with tokens like ENA and TRUMP showing high Open Interest to Market Cap ratios. This trend suggests aggressive trading strategies, potentially increasing market volatility. MKR has also experienced heightened liquidations, signaling instability in leveraged positions. As a result, the Altcoin Season Index, which measures the shift away from Bitcoin, has soared to 88, indicating a growing focus on altcoins. However, this spike raises concerns about the stability of the market as increased leverage leads to forced position closures and potential cascading sell-offs.