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![immrape Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1167689010321297409.png) Ape 🦍 [@immrape](/creator/twitter/immrape) on x 429.1K followers
Created: 2025-07-24 07:45:51 UTC

The Market Is Leveraging Up on Small-Cap Coins: Altseason or a Bull Trap?

The chart below shows the relationship between market cap rank and the OI/Market Cap ratio (open interest relative to spot cap).
A high ratio means derivatives are driving price action — which increases the risk of a liquidation squeeze.
Now focus on the bottom-right section (Rank 500+ tokens) like AGT, EPT, BDXN, KOM, FHE, GRCK. Their OI/Market Cap ratios are nearing or exceeding XXX.
→ This means the size of open leveraged positions is equal to or greater than their total spot market cap.

Current-season meme tokens like PUMP, FARTCOIN, MOODENG, SPK (ranked under 300) are also seeing high OI ratios of 0.6–0.8.
→ Market makers are using leverage to move prices efficiently with minimal capital.
Mid-cap names (Rank 100–300) like AI16Z, TRB, ORDI, GOAT, POPCAT are sitting around 0.3–0.4.
→ Indicating market makers haven’t gone full risk-on yet, and retail hasn't fully FOMO'd in.

Until the broader market pushes past XXX OI/Market Cap, a major crash isn’t necessarily imminent.
For now, leverage is rising—but we’re not at the top yet.

![](https://pbs.twimg.com/media/Gwm2DecbwAAJsIy.jpg)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948288504422916118/c:line.svg)

**Related Topics**
[ept](/topic/ept)
[agt](/topic/agt)
[chapter 11](/topic/chapter-11)
[coins](/topic/coins)
[market cap](/topic/market-cap)

[Post Link](https://x.com/immrape/status/1948288504422916118)