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keel
Ledger
65,276,414
Methodology
1.0.8-draft
Age
6s

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
1,397.08 USDC (shortened; full value 1397.086632910613318973484985206608482199651277920385 USDC)Limited by liquidation depth
Depth within 5%
buy1,582.84 USDC (shortened; full value 1582.8475982997610663999244064195 USDC)sell1,207.38 USDC (shortened; full value 1207.389066239148699949821902748990281171238897007222 USDC)
Cost to move +50%
15,278.15 USDC (shortened; full value 15278.15948608255442594998686 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
1,264.75 USDC (shortened; full value 1264.750538196514256540136482014821506508521185438556 USDC)
Highest
1,644.04 USDC (shortened; full value 1644.042123052018564904057874593336051714267716659344 USDC)
2026-10-27T23:53:28Z — 2026-11-03T00:53:19Z
Max safe collateral
1,444.48 USDC (shortened; full value 1444.487163556609781609259681295626217393414826474431 USDC)
8 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

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
15,278.15 USDC (shortened; full value 15278.15948608255442594998686 USDC)

The target is reachable through the order book

Genuine volume in the oracle window
75.40 USDC (shortened; full value 75.4071536 USDC)

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

Cost against genuine volume
202.6088 (shortened; full value 202.6088873096325761054848629109)

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
15,353.56 USDC (shortened; full value 15353.56663968255442594998686 USDC)

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