BITCOIN ORDER BOOK PRICE IMPACT

$87.19M is queued within half a percent of the price, $191.74M within one percent and $204.77M within two percent. That counts both sides, and a large order only walks through one of them: a purchase through what is queued to sell, a sale through what is queued to buy.

• Within half a percent$39.86M to buy, $47.32M to sell$87.19M
• Within one percent$93.84M to buy, $97.90M to sell$191.74M
• Within two percent$100.46M to buy, $104.31M to sell$204.77M

Added up across the 4 exchanges we watch and averaged over the quarter hour from 09:30 to 09:45 UTC on 21 Oct 2026. Each rung holds everything inside it. None of it is committed. Any of these offers can be withdrawn in the moment before the price arrives.

Within half a percent of the price the two sides differ by −$7.46M, with more queued to sell. Within one percent of the price the two sides differ by −$4.06M, with more queued to sell. Within two percent of the price the two sides differ by −$3.85M, with more queued to sell.

The two sides of a book are never exactly level, and neither side being heavier tells you where the price goes next. What it does say is which direction has further to walk right now: an order pushing into the thinner side reaches a worse price sooner.

The chart tracks the same three distances every day since 2 Jul 2026, both sides added together. When those lines rise there is more money waiting near the price, which usually means a large order has less far to walk. But an order only walks through the side it trades against, so a rise that came from buyers does nothing for someone buying. The second view shows which side it came from.

Each day's figure is the average of that day's hourly readings, so a single busy quarter hour cannot lift the day on its own.

$100,000 at once would land the average dollar 0.004% from the price when buying and 0.005% when selling, averaged across 4 exchanges. $1 million at once would land the average dollar 0.021% from the price when buying and 0.024% when selling, averaged across 4 exchanges. $10 million at once would land the average dollar 0.175% from the price when buying and 0.243% when selling, averaged across 3 exchanges.

How far the price you actually pay lands from the price on the screen. Measured on the real offers rather than estimated from the chart above, averaged over the last hour, and recorded since 4 Sep 2026. A size only appears when both a purchase and a sale that size could be filled out of what the exchanges publish, and the count of exchanges is the ones that could fill the purchase.

The step between the best price to buy at and the best price to sell at is 7 cents on a coin worth $83,442, 0.000084% of the price, and 1 cent on the tightest exchange.

Both figures are an average over the last hour: the first across the 4 exchanges that answered, the second the best of their hours rather than the best single minute. Recorded since 4 Sep 2026.

Counted at the price now, over the last 24 hours the gap ran from 5.5 cents in the calmest minute, at 08:51 UTC on 21 October, to $5.60 in the widest, at 15:15 UTC on 20 October. The latest minute we have, 10:16 UTC on 21 October, reads 5.5 cents.

An average hides its own worst minute: the widest was 102 times the narrowest, which is the difference between filling a large order in a calm minute and filling it in a fast one. Each reading is one minute averaged across the 4 exchanges we watch, and only the 1,440 minutes where every one of them reported are counted.

For an ordinary purchase, none of it. An order of a few thousand dollars finishes inside the best offer and pays the price on the screen. This page matters at size: it is the difference between the price you see and the price you get when the order is large enough to walk through several offers.

It is also a way to tell a calm market from a stretched one, because the queue thins out first and the price moves afterwards. Treat the figures as the shape of the market rather than a quote: anyone may cancel an offer before your order arrives.