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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

Collateral ceiling

The most this asset could back at each reading: the lower of the liquidation and manipulation limits.

Lower at the end of the window than at its start

Lowest
1,172.39 USDC (shortened; full value 1172.39363613646027300421029862355157386099226605273 USDC)
Highest
1,732.31 USDC (shortened; full value 1732.317347469348049631840919640322484400345839028547 USDC)
2026-09-26T15:50:46Z — 2026-10-03T15:08:32Z
Max safe collateral
1,342.04 USDC (shortened; full value 1342.042474726335532983437712328369788298807029198765 USDC)
169 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.
One holder owns most of itnowHOLDER_CONCENTRATION_EXTREMEthroughout
Thin depth at 5%nowTHIN_DEPTH_5PCTthroughout
Supply is concentratednowHOLDER_CONCENTRATION_HIGHthroughout
Nothing tradable within 2%ZERO_DEPTH_2PCT3 of 169

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.

An averaging oracle makes an attacker outweigh genuine trading as well as move the book. A market with no genuine volume has no such defence.

Cost of a 50% move, order book only
24,757.92 USDC (shortened; full value 24757.92079481005601674502488 USDC)

The target is reachable through the order book

Genuine volume in the oracle window
0.06 USDC (shortened; full value 0.0678091 USDC)

Over the last 900 seconds (15 minutes), after the genuine-trade filter

Cost against genuine volume
365,112.0689 (shortened; full value 365112.0689525455435442296812669686)

Below 1, moving the price is cheaper than all genuine trading across the window. Not computed when there was no genuine volume or the target is unreachable

Total attack cost
24,757.98 USDC (shortened; full value 24757.98860391005601674502488 USDC)

The move, plus the genuine volume an averaging oracle forces an attacker to outweigh