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keel
Ledger
65,276,232
Methodology
1.0.8-draft
Age
16s

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
1,444.48 USDC (shortened; full value 1444.487163556609781609259681295626217393414826474431 USDC)Limited by liquidation depth
Depth within 5%
buy1,485.17 USDC (shortened; full value 1485.1757873141459166726331170113 USDC)sell1,302.92 USDC (shortened; full value 1302.928042989171254021826734092598368297216865002222 USDC)
Cost to move +50%
15,200.19 USDC (shortened; full value 15200.19026362814396957975902 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
1,014.20 USDC (shortened; full value 1014.2000699243266882354414936697431560457799176503345 USDC)
Highest
1,842.88 USDC (shortened; full value 1842.880554713474142230752561148820322577775321543942 USDC)
2026-10-04T00:53:32Z — 2026-10-24T20:38:28Z
Max safe collateral
1,247.37 USDC (shortened; full value 1247.379460218490661685926690145884289745387173417745 USDC)
501 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_2PCT17 of 501

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.

1,444.48 USDC (shortened; full value 1444.487163556609781609259681295626217393414826474431 USDC)

Limited by liquidation depth

Liquidation termbinds
1,444.48 USDC (shortened; full value 1444.487163556609781609259681295626217393414826474431 USDC)

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

Manipulation term
3,800.04 USDC (shortened; full value 3800.047565907035992394939755 USDC)

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