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keel
Ledger
64,751,045
Methodology
1.0.8-draft
Age
10s

BTC against USDC — what depth stands behind this price?

All assets

BTC / USDC

GDPJ…2MZM

Risk band

High

partial confidence

A floor: the real band can only be worse.

Max safe collateral
1,411.95 USDC (shortened; full value 1411.956257792961606121939879036146586858921399358028 USDC)Limited by liquidation depth
Depth within 5%
buy1,505.74 USDC (shortened; full value 1505.7424016753518678309553988353 USDC)sell1,633.78 USDC (shortened; full value 1633.782095041535188896391770911963754733855290684424 USDC)
Cost to move +50%
24,757.92 USDC (shortened; full value 24757.92079481005601674502488 USDC)Reachable through the order book
Checks
3 triggered3 not evaluated

History

Window
Resolution
Source

Buy-side depth

What an order can absorb before the price moves against a buyer. The rungs are nested, so one scale covers all three.

Lower at the end of the window than at its start

Lowest
0 USDC
Highest
22,000.49 USDC (shortened; full value 22000.4982263745537966748088786891 USDC)
2026-09-11T17:47:56Z — 2026-10-02T10:38:32ZOne scale across every line on this chart
2% from mid
187.93 USDC (shortened; full value 187.9386313098058811172608222728 USDC)
5% from mid
1,474.06 USDC (shortened; full value 1474.0630018800728587097278789373 USDC)
10% from mid
21,587.26 USDC (shortened; full value 21587.2643832612485205934963467257 USDC)
498 readings from horizon, with no gaps reported. One source per chart.

Checks

What fires now, how long it has been firing across the window above, and what could not run.
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREME146 of 498
Supply is concentratednowHOLDER_CONCENTRATION_HIGH146 of 498
Nothing tradable within 2%ZERO_DEPTH_2PCT40 of 498

Not evaluated3

  • No genuine trade in 30 days
  • No genuine trade in 7 days
  • Volume may be wash traded

Evidence

The figures behind the verdict, as the engine served them.

The ceiling is the lower of two independent limits. Which one binds is the part a lender acts on, so both are shown.

1,411.95 USDC (shortened; full value 1411.956257792961606121939879036146586858921399358028 USDC)

Limited by liquidation depth

Liquidation termbinds
1,411.95 USDC (shortened; full value 1411.956257792961606121939879036146586858921399358028 USDC)

Sell-side depth at the liquidation delta, times the haircut.

Manipulation term
6,189.48 USDC (shortened; full value 6189.48019870251400418625622 USDC)

Order-book-only manipulation cost at the critical delta, times the safety margin.