Bitcoin futures are facing a growing liquidity mismatch as the gap between open interest and trading volume continues to widen, raising the risk of sharp price swings. According to Sina Finance, citing Coinglass data, the dollar value of Bitcoin futures open interest stood at $48 billion at press time, while 24-hour trading volume in the same market was $25 billion, the largest gap since last September.

Glassnode said that when open interest far exceeds average daily trading volume, forced liquidations and other activity may struggle to find enough counterparty liquidity, amplifying downside moves. It added that traders have built up substantial risk exposure, mostly in long positions, while the market has not shown matching demand.

Glassnode data also showed that buy orders forming summer-range support peaked in early July and have since shrunk by about one-third, weakening support below current prices. Spot market 24-hour trading volume was about $12.55 billion, well below futures market volume of $25 billion. Bitcoin was trading near $63,500 at press time.