Bitcoin

Affected by the latest reports related to the spot <a href="https://tokeninsight.com/en/coins/bitcoin/overview" rel="noopener noreferrer nofollow">Bitcoin</a> ETF, the price of Bitcoin began to rise yesterday, jumping from around $31,000 to briefly exceeding $35,000. According to the <a href="https://tokeninsight.com/en/dashboard/market-liquidity/exchanges-orderbook" rel="noopener noreferrer nofollow">TokenInsight Dashboard</a>, the orderbook liquidity of the BTC/USDT trading pair on <a href="https://tokeninsight.com/en/exchanges/binance" rel="noopener noreferrer nofollow">Binance</a> surged before the price increase, with the total amount of buy and sell orders exceeding $100 million within an hour twice.<img src="https://s2.tokeninsight.com/static/calendar/img202310240416311fd8de3d-d7df-4160-ab10-6e26c6ab98a4.jpg">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.<img src="https://s2.tokeninsight.com/static/calendar/img2023102404163133a73c2d-4c80-4c52-914d-3f9521ded5c4.jpg">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: <a href="https://tokeninsight.com/en/exchanges/binance" rel="noopener noreferrer nofollow">Binance</a>, <a href="https://tokeninsight.com/en/exchanges/coinbase" rel="noopener noreferrer nofollow">Coinbase</a>, <a href="https://tokeninsight.com/en/exchanges/kraken" rel="noopener noreferrer nofollow">Kraken</a>, <a href="https://tokeninsight.com/en/exchanges/bitfinex" rel="noopener noreferrer nofollow">Bitfinex</a>, <a href="https://tokeninsight.com/en/exchanges/bitget" rel="noopener noreferrer nofollow">Bitget</a>, and <a href="https://tokeninsight.com/en/exchanges/kucoin" rel="noopener noreferrer nofollow">KuCoin</a>. 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 <a href="https://tokeninsight.com/en/tokenwiki/all/what-is-order-book-liquidity-how-can-you-compare-liquidity-data-from-major-exchanges-through-tokeninsight" rel="noopener noreferrer nofollow">Learn what liquidity is, methodology of data calculation, and how to read the charts.</a><img src="https://s2.tokeninsight.com/static/calendar/img20231024041637786342e2-bdd0-4783-bd63-8601903d4e4e.jpg">Stay updated with the most important <a href="https://tokeninsight.com/en/news" rel="noopener noreferrer nofollow">cryptocurrency news</a> and valuable insights, conveniently delivered to your email every day. <a rel="noopener noreferrer nofollow" href="https://mailchi.mp/tokeninsight/newsletter">Subscribe to the TokenInsight mailing list now!</a>Prefer social media? Follow us on <a rel="noopener noreferrer nofollow" href="https://twitter.com/tokeninsight">Twitter</a>, or subscribe to our <a rel="noopener noreferrer nofollow" href="https://t.me/TokenInsightchannel">Telegram channel!</a>If you have news reports or announcements that you want to reach a wider audience, feel free to email us at <a rel="noopener noreferrer nofollow">news@tokeninsight.com</a>

Binance's Bitcoin Orderbook Liquidity Surged Before Price Increase

TokenInsight

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