BTC open interest doubles trading volume, raising downside risk in sell-off

Bitcoin futures open interest remains well above daily trading volume, raising the risk of sharper downside moves in a sudden sell-off, according to CoinDesk. BTC futures open interest currently stands at about $48 billion, while 24-hour trading volume is around $25 billion. Glassnode said buy-the-dip limit orders have fallen to about one-third of their level in early July, adding that support near Bitcoin’s June low of $58,000 has weakened. Spot volume also came in at $12.55 billion, or about half of futures volume, Glassnode said, increasing broader market volatility risk.