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Altseason has a leverage problem. Over two years, the median mid-cap altcoin fell 74% while $BTC gained 28%. Yet leverage is piling into the riskiest names: futures OI is ~24% of PEPE’s market cap versus just ~2% for BTC. The smaller the frog, the bigger the leverage. One crowded pond, and that can get ugly fast. #CryptoRecoveryBroadens #UNI21%RallyOnSECRule #ZECPositionsDiverge