
Jakarta, Pintu News – On September 14, crypto analyst Maartunn (@JA_Maartun) warned that a familiar and negatively impactful market pattern was re-emerging: leveraged speculation on altcoins was increasing while Bitcoin derivatives positions appeared stagnant.
Maartunn emphasized that the aim is not to cause panic, but rather to mark a change in the market climate that smart investors should not ignore.
Open interest, or the face value of active futures and perpetual positions across platforms, is a key highlight of Maartunn’s analysis. When open interest increases, it signals an influx of new funds that are often speculative in nature.
This increase indicates that more money and bets are actively circulating in the market. This, if it continues, could lead to market instability due to a buildup of speculation that is not supported by fundamental growth.
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Maartunn described the current situation as a ‘musical chairs’ moment where altcoins have seen a significant increase in open interest, while Bitcoin (BTC) – considered the anchor of the market – has shown no appreciable change.
This divergence is similar to what happened before the big drop at the end of 2024. As altcoin speculation increased and Bitcoin’s (BTC) open interest stagnated, the market then experienced a sharp decline and a boring consolidation.

In Maartunn’s metaphor, a highly leveraged phase can end abruptly, similar to a game of ‘musical chairs’. When the music stops, for example due to bad news or macroeconomic shocks, everyone seeks safety.
However, in a panic, there are not enough ‘seats’ for everyone, and some investors are forced to endure huge losses. Therefore, it is important for investors to realize where the emergency exits are before the situation becomes critical.
Maartunn emphasizes that his analysis is not a definitive prediction of a market crash, but rather a warning about heightened risks. While the music is still playing, it is time for investors to prepare themselves for a potential downturn. Whether the market is just enjoying the music before another downturn like in December 2024, or this time it will be different, remains an open question.
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