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keel
Ledger
65,275,515
Methodology
1.0.8-draft
Age
2s

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
1,644.04 USDC (shortened; full value 1644.042123052018564904057874593336051714267716659344 USDC)Limited by liquidation depth
Depth within 5%
buy1,081.28 USDC (shortened; full value 1081.2868444525240065106203911062 USDC)sell1,703.96 USDC (shortened; full value 1703.960453002839814532865570592225824842446085456448 USDC)
Cost to move +50%
14,881.33 USDC (shortened; full value 14881.3367772738048956021879 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.

Higher at the end of the window than at its start

Lowest
691.94 USDC (shortened; full value 691.942452881444381315390672226918729900464328901301 USDC)
Highest
1,681.97 USDC (shortened; full value 1681.976297869189634383495569369258195485691286416771 USDC)
2026-10-26T23:53:33Z — 2026-11-02T23:38:34Z
Max safe collateral
1,624.20 USDC (shortened; full value 1624.205939070149859301644489200472413147950308489106 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_2PCT1 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
14,881.33 USDC (shortened; full value 14881.3367772738048956021879 USDC)

The target is reachable through the order book

Genuine volume in the oracle window
52.20 USDC (shortened; full value 52.2052506 USDC)

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

Cost against genuine volume
285.0544 (shortened; full value 285.0544074827945543010608189667)

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
14,933.54 USDC (shortened; full value 14933.5420278738048956021879 USDC)

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