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Keel
Ledger
64,491,930
Methodology
1.0.8-draft
Age
8s

BASH against USDC — what depth stands behind this price?

How has this moved over time?

WindowLast 24 hoursLast 7 daysLast 30 days
ResolutionHourlyDaily
SourceHorizonHubbleOffers impliedTrades implied

Price

Mid price
0.00000968 USDC (shortened; full value 0.0000096843849422 USDC)

Higher than at the start of the window

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.

2% from mid
25.46 USDC (shortened; full value 25.4621755141182818501493774089 USDC)
5% from mid
63.19 USDC (shortened; full value 63.1918761994390193633695743309 USDC)
10% from mid
124.89 USDC (shortened; full value 124.89625934223801333379181621 USDC)

Higher than at the start of the window

Cost to move the price by half

One manipulation rung, at the delta the engine treats as critical. A reading it could not produce breaks the line rather than sitting at zero.

No point in this range carried a value.

Not enough readings in this window to show a direction.

Collateral ceiling

Max safe collateral
65.26 USDC (shortened; full value 65.263435348314508880051656309764793383024455980008 USDC)

Higher than at the start of the window

2026-09-11T23:47:54Z — 2026-09-18T15:30:28Z

Which checks were firing

Whether a finding has been there all along or started recently. Only checks that fired at least once appear.

THIN_DEPTH_5PCTthroughout
HOLDER_CONCENTRATION_HIGH7 of 8

8 readings from horizon, with no gaps reported. One source per chart.

How much can this asset safely back?

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

Risk band

Medium

partial confidence

A band marked partial is a floor. At least one high-severity check could not be evaluated, so the real band can only be worse than the one shown, never better.

65.26 USDC (shortened; full value 65.263435348314508880051656309764793383024455980008 USDC)

Limited by liquidation depth

Liquidation termbinds
65.26 USDC (shortened; full value 65.263435348314508880051656309764793383024455980008 USDC)

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

Manipulation term
not applicable

Not applied: the critical target is not reachable through the order book.

What volume can it absorb before the price moves?

Three rungs at 2, 5 and 10 per cent, in each direction. The buy side matters for oracle manipulation and the sell side for liquidation.
  • SDEX
  • AMM
  • Sell side, composition not reported

2% from mid

Buy side
25.46 USDC (shortened; full value 25.4621755141182818501493774089 USDC)
Sell side
25.56 USDC (shortened; full value 25.564018954606666586663938250251183271410718154 USDC)

5% from mid

Buy side
63.19 USDC (shortened; full value 63.1918761994390193633695743309 USDC)
Sell side
64.40 USDC (shortened; full value 64.404259352654109898752613383591803547870339015324 USDC)

10% from mid

Buy side
124.89 USDC (shortened; full value 124.89625934223801333379181621 USDC)
Sell side
130.52 USDC (shortened; full value 130.526870696629017760103312619529586766048911960016 USDC)

Bars share one scale. The venue split decomposes the buy side; the sell side is drawn as an outline because its composition is not reported.

What would it cost to move the price?

Read cost together with reachability: a figure on an unreachable rung says how far the book goes, not what the move costs.
Cost to move the price by each delta, through all venues and through the order book alone, with whether the target is reachable at all.
MoveTarget priceCost, all venuesCost, order book only
0.5%0.000014 USDC (shortened; full value 0.0000145265774133 USDC)575.09 USDC (shortened; full value 575.0964178730112503263226414177 USDC)unreachablebook ends at 0 USDC
1%0.000019 USDC (shortened; full value 0.0000193687698844 USDC)1,059.92 USDC (shortened; full value 1059.925125232918031086145758884 USDC)unreachablebook ends at 0 USDC
10%0.000106 USDC (shortened; full value 0.0001065282343642 USDC)5,927.97 USDC (shortened; full value 5927.9778454560367120169559994843 USDC)unreachablebook ends at 0 USDC
100%0.000978 USDC (shortened; full value 0.0009781228791622 USDC)23,157.59 USDC (shortened; full value 23157.5965212334280517836435517363 USDC)unreachablebook ends at 0 USDC

Reachability on the all-venues ladder is unconditionally true whenever an active pool exists, because a constant product curve has no upper price bound. The order-book-only column is the one that answers whether a target is attainable, and it is the one Keel itself uses.

Who holds it, and is it genuinely traded?

Concentration and wash trading bound how much of the depth above is real.
Largest holder
30.1183 % (shortened; full value 30.11834646311862388983161962 %)
Top ten holders
97.6434 % (shortened; full value 97.64340900702199573122929476 %)
Concentration index
1,552.37 (shortened; full value 1552.3723827961565965822596740122250735918512894177049188)

Herfindahl–Hirschman, over the holder distribution

Volume excluded as not genuine
not computed

Of 30 day volume. A high share indicates suspected wash trading

Volume to supply, 30 day
not computed
Last genuine trade
not computed

No genuine trade was found in the window