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keel
Ledger
64,752,305
Methodology
1.0.8-draft
Age
9s

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
1,388.39 USDC (shortened; full value 1388.3982730510385119836275639580514750244577269670795 USDC)Limited by liquidation depth
Depth within 5%
buy1,564.41 USDC (shortened; full value 1564.4196029170526018470300912929 USDC)sell1,585.21 USDC (shortened; full value 1585.216893529971726521979338324150600942080117846548 USDC)
Cost to move +50%
25,056.56 USDC (shortened; full value 25056.56650343686517677808187 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
3.71 USDC (shortened; full value 3.7134460893019335646341896068 USDC)
Highest
21,587.26 USDC (shortened; full value 21587.2643832612485205934963467257 USDC)
2026-09-11T23:47:54Z — 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)
22 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_EXTREME7 of 22
Supply is concentratednowHOLDER_CONCENTRATION_HIGH7 of 22
Nothing tradable within 2%ZERO_DEPTH_2PCT1 of 22

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.

1,388.39 USDC (shortened; full value 1388.3982730510385119836275639580514750244577269670795 USDC)

Limited by liquidation depth

Liquidation termbinds
1,388.39 USDC (shortened; full value 1388.3982730510385119836275639580514750244577269670795 USDC)

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

Manipulation term
6,264.14 USDC (shortened; full value 6264.1416258592162941945204675 USDC)

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