(Bloomberg) — Digital assets have reclaimed $3 trillion in market value for the first time since January after Bitcoin’s stunning rally, but traders are also piling into leveraged bets in perpetual futures, increasing the risk of rapid price swings.

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The market has added more than $740 billion in value since the US Treasury’s announcement last month that it would increase buybacks of long-dated bonds, according to CoinGecko data. Leverage is building alongside the gains. Open interest in perpetual futures across tokens has climbed to nearly $160 billion, the highest since late October last year, Coinglass data show.

More than $920 million in bearish bets were liquidated…