Coins are definitely getting a little too hot at the moment, which is unsurprising, given that many of them saw 3+ sigma moves this week. This is apparent when looking at the spike in open interest and funding rates. That said, I have seen some suggestions that this mirrors the structure in perps that preceded the 10/10 selloff, which I don't think is entirely accurate. Global open interest is up roughly 20%, whereas OI had climbed over 50% ahead of October last year, as it did in late 2024 following Trump's election win. Another way I look at this is by plotting OI of the top 50 liquid coins minus BTC, which, as you can see, is also nowhere near the October and January 2025 highs.(Adam)