Affected by the latest reports related to the spot Bitcoin ETF, the price of Bitcoin began to rise yesterday, jumping from around $31,000 to briefly exceeding $35,000. According to the TokenInsight Dashboard, the orderbook liquidity of the BTC/USDT trading pair on Binance surged before the price increase, with the total amount of buy and sell orders exceeding $100 million within an hour twice.
From 15:00 to 16:00 UTC on October 23, the total amount of buy and sell orders for the BTC/USDT trading pair on Binance exceeded $114 million, an increase of 5.5 times compared to $17.7 million two hours ago. Two hours later, the amount of Bitcoin buy and sell orders on Binance once again went beyond $100 million. The surge in order book liquidity was mainly due to the increasing buy orders. In both periods mentioned above, Binance's Bitcoin buy orders were more than $92 million.
It is worth mentioning that other major exchanges have not seen a significant increase in liquidity during the Bitcoin price jump. Currently, the two Bitcoin trading pairs with the highest market share are both from Binance, namely BTC/USDT and BTC/FDUSD. In the past 24 hours, the trading volume of these two trading pairs was over $7.1 billion, with market shares of 16.6% and 11.87% respectively.
TokenInsight's Exchanges Orderbook Liquidity Comparison Chart is obtained by aggregating the depth within a 1% price range from the six exchanges with the best liquidity: Binance, Coinbase, Kraken, Bitfinex, Bitget, and KuCoin. If you want to understand the specific selection rules for each trading pair on these exchanges, data calculation rules, and how to interpret the above chart, check Learn what liquidity is, methodology of data calculation, and how to read the charts.
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